Opendoor Technologies shares surge on positive real estate data

btccSquare News: Opendoor Technologies (OPEN) stock surged 9.6% during Thursday's trading session, defying the overall market downturn. This rebound stems from the National Association of Realtors' optimistic July existing home sales report, showing a seasonally adjusted annual rate increase of 2% to 4.01 million units. The real estate platform's stock has accumulated a 374% increase over three months, reigniting discussions about whether it has become a meme stock. While some analysts attribute the rise to speculative trading, prominent cryptocurrency investor Anthony Pompliano disputed this claim. The median home price increased 0.2% to $422,000, creating favorable conditions for Opendoor's iBuying platform. Driven by the continuous upward trend, the company's market capitalization has rebounded to approximately $2.6 billion.