Move Inc., Opendoor Post Revenue Losses; CoStar, Zillow And Others Face Data Breach Suit

Two big names in the real estate game suffered some big losses in the fourth quarter of 2023. According to new earnings reports, both Move Inc. (parent company to Realtor.com) and Opendoor saw double-digit revenue declines amid high mortgage rates and limited inventory.

Move Inc. reported a 13 percent year-over-year revenue decline to $127 million. The average monthly unique users for Realtor.com’s web and mobile sites remained flat in Q4 (their fiscal Q2) at 66 million. Parent company News Corp’s total revenues were $2.59 billion, a 3 percent increase compared to $2.52 billion in the prior year.

Over at Opendoor, the company reportedly earned $870 million in revenue during the fourth quarter, according to its earnings report. That represents a 70 percent drop annually. The company also experienced a net loss of $91 million—an improvement over the loss of $399 million one year earlier.

Elsewhere in the world of residential real estate, 11 real estate-related companies are among 118 “data brokers” alleged to have violated Daniel’s Law—legislation that prohibits the disclosure of home addresses and unpublished home phone numbers for judges, law enforcement officers, prosecutors and their families. Companies named in the new lawsuit brought by Atlas Data Privacy Corporation include CoStar, Zillow, RE/MAX, CoreLogic and Attom.

“Companies in the business of disclosing this protected information have avoided accountability for far too long, proffering such information, including home addresses and unpublished home telephone numbers, without sufficient regard for the risks and consequences imposed upon individuals who serve critical judicial and law enforcement roles,” the complaints reads.