Opendoor CEO Kaz Nejatian said first-time home buyers are unable to purchase properties in the current U.S. housing market.
This trend signals a deepening crisis for new buyers as high home prices, limited inventory, and elevated mortgage rates create a barrier to entry. The inability of a new generation to enter the market can stifle long-term residential mobility and economic growth.
Speaking on CNBC’s program “The Exchange,” Nejatian said systemic challenges face those attempting to buy their first home. He said, "First‑time home buyers are stuck not being able to buy in this market."
While individual buyers struggle, Opendoor is experiencing a surge in activity. The company is currently buying and selling houses at its fastest rate since 2022 [4]. This acceleration comes amid a shift in how sellers are interacting with the market.
Data shows the de-listing rate has increased by nearly four% compared to the rate in May [1]. This figure represents a tie for the highest de-listing rate since March 2020 [2]. In certain states, the de-listing rates have reached as high as 10% [3].
These figures suggest that while some sellers are withdrawing their homes from the market—potentially worsening the inventory shortage—institutional players like Opendoor are finding opportunities to move properties quickly. The gap between the struggle of the first-time buyer and the operational speed of iBuying platforms underscores the volatility of the current real estate landscape.
“"First‑time home buyers are stuck not being able to buy in this market."”
The disconnect between Opendoor's operational growth and the struggles of first-time buyers suggests a bifurcated market. While high interest rates and prices freeze traditional buyers, the increased de-listing rates indicate seller frustration or a strategic retreat. This environment may favor well-capitalized firms that can provide instant liquidity, even as the broader dream of homeownership becomes less attainable for the average citizen.
