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After a long period of steady share price declines, the three big iBuyers — Offerpad, Opendoor and Redfin — on Friday all hit an inauspicious milestone: Their stocks fell to all-time lows.
The share price drops came amid a worsening housing landscape, with prices growing ever softer and mortgage rates ever higher and as the broader stock market has tanked. Real estate company shares generally have taken it on the nose during these tumultuous times — shares in Compass, eXp World Holdings and Anywhere are all way down too — but on Friday it was ultimately the iBuyers who set records for their worst share prices ever.
Redfin’s dip has been the most precipitous. Early last year, the company’s shares neared $100 amid booming stock and housing markets — trends which buoyed many other real estate firms’ share prices as well. But since that time, Redfin’s share price steadily fell all the way up until the end of trading Friday, when it hit $5.20.
Credit: Google
Though Redfin’s losses over the last year-and-a-half have been the most dramatic of the iBuyers, Offerpad was arguably in the most peril Friday. After debuting on the stock market last year, the company’s share price has fallen from a high of more than $13 last September, to just $1 during trading Friday.
Credit: Google
Offerpad wrapped up trading Friday with a share price of $1.01, a penny above the company’s all-time low.
The reason this is a problem is that in order to remain on the New York Stock Exchange, where Offerpad is traded, companies are required to have a share price of $1 or more. If the price dips below that threshold and stays there for a month, the company can be delisted — making it much harder to buy and sell shares and…