Opendoor Jumps 11%, Outpacing Offerpad and Zillow as iBuyer Stock Traders Pick Winners

The FTC and five states filed a settlement requiring Zillow and Redfin to unwind a $100M deal where Zillow paid Redfin to exit the multifamily rental marketplace. The agreement, deemed anticompetitive, involved Redfin transferring customers and employees to Zillow and agreeing not to compete for up to nine years. The settlement mandates Redfin to rebuild its marketplace and imposes restrictions on Zillow to facilitate competition.

Opendoor Technologies (OPEN) stock is down 26% over the past year, despite improvements in metrics and management changes. The company reported a 23% quarterly revenue increase, reduced marketing spend, and lower operational costs. CEO Kaz Nejatian claims a clear path to profitability, but the market remains concerned about losses and housing market pressures. Shares are trading near a 52-week low at $3.22.

Zillow Group and Redfin Corp. settled with the FTC and NY AG, ending an agreement that restricted competition in apartment rental advertising. Redfin must rebuild its business, and both companies must pay $2 million. The settlement aims to restore competition and lower costs for renters and landlords.

Opendoor Technologies (OPEN) aims to reach adjusted net income breakeven by the end of 2026, assuming $9B annual revenue. Q2 saw 6,908 acquisition contracts, up from 5,136 in Q1. Contribution margin was 5.8%, and operations expense per acquisition fell to $3,000. The company compares its progress to Zillow and Offerpad, with OPEN's stock down 20.1% in the past year and a forward P/S multiple of 0.52.

Zillow paid Redfin $100M in 2025, leading Redfin to exit the apartment advertising business. The FTC filed a settlement in 2026, alleging the deal was anticompetitive. The FTC claims Zillow paid to reduce competition, while Zillow and Redfin argue it was pro-consumer. The settlement requires Redfin to relaunch its own business within six months. The FTC estimates Zillow customers paid 14.5% more per listing after Redfin's exit.

Zillow settled US antitrust claims over a 2025 deal where it paid Redfin $100M to stop competing in apartment rental listings. The FTC and five states alleged the agreement reduced competition, increased landlord costs, and affected listing quality. Under the settlement, Redfin must resume its rental business within six months while continuing to display Zillow ads. Zillow and Redfin both welcomed the agreement, which allows their partnership to continue through 2030.