Photo: Ярослав Алексеенко / Unsplash. Illustrative stock photograph; not a property or company discussed in this article. Offerpad bought three times as many homes last quarter as it did a year ago. It finished with $12.1 million in cash. Those two facts tell the story of the Phoenix-area iBuyer’s third quarter, reported Nov. 2. According to the company’s earnings release, revenue fell 41% to $78.1 million from $132.7 million, and total real estate transactions fell to 324 from 474. The…
MarketPhoenix
Offerpad Tripled Its Home Purchases. Its Cash Fell to $12.1 Million.
Offerpad acquired 605 homes in the third quarter while cash fell to $12.1 million, as the Phoenix-area iBuyer watches inventory sales, financing and operating costs.
