Opendoor Technologies Inc (OPEN) surged 5.14% in pre-market trading, continuing its recent upward momentum. The stock's pre-market gain follows a positive after-hours session where it had already shown strength.

The movement appears to be driven by a combination of factors. Firstly, the stock is participating in the broader meme stock rally, with approximately 14.5% of its float sold short, creating conditions for a potential short squeeze as speculative trading fuels the surge across heavily shorted names.

Additionally, fresh housing data provided further support to the stock. The National Association of Realtors reported that pending home sales climbed 1.5% month-over-month in March, indicating pent-up housing demand despite higher mortgage rates, which benefits companies in the real estate technology sector like Opendoor.