Opentrack

@Aresos007 @Opendoor @nejatian The yellow line shows the number of sales in the last 30 days; the selling rate has not increased since April.

@operdoor2 @Opendoor @nejatian This is the second post where you rationale doesn't make sense. Pending remaining stable, rather than rising, just means homes are turnover faster. It doesn't tell you much else. Just focus on the sold number and assign a percentage of pending as likely to close by quarter end

Whether looking at my own data or the info on https://opendoor.arm @Opendoor's pending count has stopped growing for 3 months now since April. Wondering what’s going on over at @opendoor 🤔" @nejatian

@Aresos007 @Opendoor @nejatian If closing speeds were actually accelerating, homes sold within 30 days should be up, but that number is flat. Honestly, I’ve been tracking the time from pending to sold, and it’s averaging about 31 days. That pace hasn’t sped up at all over the last few months.

@cubeqube @nth_1988 @Opendoor @nejatian If closing speeds were actually accelerating, homes sold within 30 days should be up, but that number is flat. Honestly, I’ve been tracking the time from pending to sold, and it’s averaging about 31 days. That pace hasn’t sped up at all over the last few months.

I think we should think about the scenario where Pending is flat because homes may be moving to a completed sale status quicker than normal and don’t have to hang in Pending as long. That’s another thing they were focusing on I believe. 600 homes in -> 600 go pending -> 600 go sold -> would show up flat because homes are constantly moving in and out of being for sale, being pending, and being moved out of pending into sold So to me at least I think we should see for sale inventory going up because they do need tons of homes for market maker to work it’s a scale thing but it’s not worrying because it’s technically the strategy. We should look at it from a cohort perspective like are all the for sale homes just recently listed or are they all old, etc.

@Nbusiness1990 @Opendoor @nejatian If closing speeds were actually accelerating, homes sold within 30 days should be up, but that number is flat. Honestly, I’ve been tracking the time from pending to sold, and it’s averaging about 31 days. That pace hasn’t sped up at all over the last few months.

A flat pending count by itself doesn't tell you much. If homes are closing faster, pending won't continue stacking. What would actually concern me is if active inventory kept rising, pending kept falling, and homes sold started declining. That's not what this chart shows. Management has also been clear they're prioritizing adjusted EBITDA profitability, not simply maximizing volume. I'll judge Q2 by revenue, contribution margin, homes sold, inventory turns, and EBITDA - not one isolated metric.

@Davo0820 I'm not trying to argue about who's right or wrong; I also hold a large amount of open-ended stock. I just want to know where the missing contracts went.

@operdoor2 Let’s see how Q2 earnings turns out in 4 weeks. No matter who is right or wrong we can learn from each other. If I’m wrong I will give you a posted sincer apology,

Let’s walk through this logically. First, if there was a 50% cancellation rate, Opendoor would not still be signing 530–550 home acquisitions every single week. That pace tells you the actual close rate is much higher. Second, there’s a natural lag between signing contracts, closing, doing repairs, and listing homes for sale. On top of that, they’re now turning homes much faster. Because of that lag, we likely won’t see the full impact of this higher velocity in their listed inventory until late July or August.

@Nbusiness1990 @opennews_x Here are the new listings I scraped from Opendoor over the past six months. No matter how I look at it, I can’t seem to reconcile these numbers with their acquisition volume—the gap is just too huge. My findings are pretty much in line with the stats on opendoor.army/command-center."

@operdoor2 @opennews_x I don’t know, and neither of us can estimate it from the public data. We’d need contract-to-close conversion data from Opendoor.

Missed the last 2 $OPEN weekly updates as I've been on the road watching England Back at my desk now, will try to summarize Q2 2026, incredible! - Broke 7000 aquisitions (7014) - Q2 acquisitions up 42% over the best quarter we'd seen since COVID (Q1 26). New record. - up 344% vs the last quarter of the old $OPEN regime The chart below show's exactly how growth is building

@Davo0820 Not sure how a high cancellation rate and signing 500+ homes/week are mutually exclusive. Opendoor explicitly states you can cancel anytime for free, which naturally leads to higher cancellation rates. Furthermore, Opendoor hasn't specified what counts as a finalized acquisition

@Nbusiness1990 @opennews_x What percentage of them do you estimate will be canceled?

No. You’re comparing contracts signed to homes actually purchased. A contract isn’t recognized as a purchase until it closes. Some contracts fall into the next quarter because of closing timelines, and some are cancelled or renegotiated. That’s why “homes purchased” in the 10-Q won’t equal website contract counts. If you want to estimate a cancellation rate, you’d need Opendoor’s actual contract-to-close data - not simply contract totals versus GAAP purchases.

@Nbusiness1990 @opennews_x Opendoor’s public site shows 4,924 homes under contract in Q1, but their Q1 earnings report only shows 2,474 acquisitions. Does this imply a nearly 50% cancellation rate? Is the trend holding up for Q2 as well?

@operdoor2 @opennews_x The 20 days is an average, not a guarantee. Some homes take 5 days, others 45–90+ due to financing, title issues, repairs, permits, inspections, or strategic hold times. As acquisition volume ramps, work-in-process inventory naturally grows.

@Opendoor's public site shows accountable.opendoor.com 4,924 homes under contract in Q1, but their Q1 earnings report only shows 2,474 acquisitions. Does this imply a nearly 50% cancellation rate? Is the trend holding up for Q2 as well? $OPEN

@Nbusiness1990 @opennews_x You misunderstood me. I meant that they acquired about 7,000 homes from March to May. If the listing is delayed by a month, it will be from April to June. But only about 3,000 homes will be listed from April to June. What about the 4,000 homes that disappeared?

You're comparing flow to stock. Acquisitions are entering the pipeline; listings are exiting it. There will always be a lag, especially when acquisitions accelerate as quickly as they did in Q2. That doesn't mean 4,000 homes disappeared - it means many were still moving through the pipeline.

@Nbusiness1990 @opennews_x My data shows that they spend an average of 20 days preparing a property from acquisition to listing. However, even from March to May, they acquired nearly 7,000 properties, but only listed about 3,000.

Those 7,000 are homes put under contract in Q2, not homes immediately listed for sale. After Opendoor acquires a home, it still has to: • Close the transaction (many Q2 contracts won’t close until Q3) • Inspect and complete repairs • Prepare and photograph the property • Price and launch the listing There’s always a pipeline delay between acquisitions and active listings. Comparing Q2 acquisitions to current listings isn’t an apples-to-apples comparison.

@Unclebear201801 @Opendoor My information comes from the Opendoor website.

@operdoor2 @Opendoor Your data source is MLS right? Is it possible opendoor is transacting privately and not covered from your data source?

@Opendoor under contract to buy ~7,000 homes in Q2, but my data (w/ ~80% coverage) only shows around 2,700 homes listed—scaled up to 100%, that’s only ~3,400. Still a massive gap compared to their acquisitions. Anyone know what's causing this huge discrepancy? $OPEN

@Kennefu0710 @objetsdigitaux @Opendoor Statistics from March to May show that nearly 7,000 houses were acquired.

@objetsdigitaux @operdoor2 @Opendoor Correct. It takes 3 to 5 weeks for renovation

@objetsdigitaux @Opendoor Statistics from March to May show that nearly 7,000 houses were acquired.

@operdoor2 @Opendoor Renovation work in progress before listing? That might take few weeks to complete

@mudirshin They acquired 7,000 homes, but only listed about 3,000. What happened to the rest?

$OPEN 7,014 acquisitions. A new record. Up 42% from the previous post COVID high and up 344% from the old Opendoor era. This isn't the profile of a business standing still. The numbers are pointing in one direction, and the chart is starting to tell the same story. Sometimes the biggest move begins long before the crowd notices.