Shares of Opendoor (NASDAQ:OPEN) surged 17.4% after a New Residential Sales report showed a strong demand for housing. Sales of new single-family homes in August rose 20.5% from the previous month and 15.4% year-over-year. Median sales price climbed to $413,500, potentially boosting Opendoor’s revenues and property portfolio value. Shares closed at $8.21, up 15.9% from previous close.

Opendoor’s stock is highly volatile, with 94 moves greater than 5% in the past year. Recent drop was due to a major shareholder selling shares and a hedge fund manager criticizing the business model. Stock is up 454% YTD but still 16.2% below 52-week high.

Read more at Stockstory.org does not have a specific media company associated with it.: Why Is Opendoor (OPEN) Stock Soaring Today