Sluggish home sales have cash offer platform Offerpad Solutions Inc. leaning harder into “asset-light” services like renovations and HomePro agent partnerships for revenue.
Tempe, Arizona-based Offerpad said Monday that it sold 367 homes during the third quarter, down 19 percent from a year ago, and expects to sell even fewer in the final three months of the year — 300 to 350.
Offerpad acquired less than half as many homes during Q3 2025 — 203 — than it did in Q2 (443) or Q3 2024 (422).
That means revenue, which fell 17 percent from a year ago to $132.7 million in Q3, is expected to shrink further, to $100 million in Q4.
Homes acquired and sold hit new lows
Offerpad homes acquired and sold by quarter. Source: Offerpad earnings reports.
On a call with investment analysts, Offerpad Chair and CEO Brian Bair said company executives are “encouraged by early signs of stabilization” but “also realistic that recovery will unfold in phases.”
“Before expanding acquisition volume meaningfully, we are taking the time to ensure we buy the right homes in the right markets under the right conditions,” Bair said. “This approach is very intentional.”
Offerpad expects “heightened seasonality as we move through the winter months” and will take a “disciplined approach” in targeting a return to a near-term goal of 1,000 transactions per quarter.
Offerpad investors weren’t thrilled with the news. Shares in Offerpad, which in the last 12 months have traded for as little as 91 cents and as much as $6.35, dropped by as much as 23 percent from Monday’s close of $2.30 in after-hours trading.
On the bright side, Offerpad said it has $75 million in liquidity and continues to expand its asset-light services including the company’s B-to-B Renovate business and Direct+ buyer program.
Offerpad Renovate generated $8.5 million in Q3 revenue, the highest to date, reflecting increased demand from institutional and investor partners, the company said.
In a separate announcement, Offerpad said it’s hired former Turner Broadcasting System and WarnerMedia executive Chris Carpenter as chief operating officer.
“Chris is a proven operator with a deep understanding of what it takes to execute at scale,” Bair said in a statement. “His track record in transforming complex organizations and driving alignment across teams will be instrumental as we continue building a more efficient organization.”
