The Housing Market Is Stuck, But Opendoor Is Buying and Selling Houses at the Fastest Rate Since 2022

In April of 2026, home sellers de-listed 5.8% of the homes for sale. That's up nearly 4% from May's de-listing rate and tied for the highest rate since March of 2020. Some states saw de-listing as high as 10%. This is a tough housing market, but home-flipper Opendoor (NASDAQ:OPEN) appears to be executing its turnaround plan without missing a beat.

The U.S. housing market is facing very real headwinds

Houses get pulled from the market for various reasons. However, one of the biggest is that the seller isn't getting attractive offers from buyers. There are often house-specific reasons for that, but right now, there are also a lot of broad headwinds to consider, too.

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For example, mortgage rates are higher than they have been recently, and some fear interest rates could rise further in the near future. That makes it more expensive to buy a home. Consumers are feeling the pinch of inflation, limiting their buying power. House prices are fairly high, putting home ownership out of reach for many would-be buyers. And since sellers are usually loath to lower their selling price, there's a bit of an impasse. The housing market has been weak for some time.

Opendoor is executing well in a tough market

This big-picture view of the housing market seems to run counter to Opendoor's first-quarter 2026 results. The home flipper's acquisition volume increased 45% from the fourth quarter of 2025. According to CEO Kaz Nejatian, "October, November, December, and January cohorts are selling faster than any corresponding cohort since COVID. Acquisition contracts are up 2x quarter-over-quarter."

So not only is Opendoor buying a lot of homes, but it is also selling them at a rapid clip, too. In fact, the number of homes the company has owned for 120 days or longer dropped from 33% at the end of the third quarter to 10%. That continues a trend, noting that the figure stood at a worrying 55% at the end of the third quarter in 2025. Opendoor believes the rate for the broader housing market is stuck at 33%.

CEO Kaz Nejatian, who only joined the company last year, attributes the company's success to a shift of focus. Historically, Opendoor tried to anticipate the direction of the housing market. Now it is laser-focused on speed, trying to buy only homes it can quickly turn around and resell as it looks to make the homeselling/homebuying process easier for everyone involved. The new approach, which makes heavy use of artificial intelligence, is clearly working.

Notably, Opendoor has provided benchmarks for investors to monitor as it attempts to turn its business around. Increasing acquisition volume and reducing the number of homes held for more than 120 days are both key goals. It is executing well on those two goals and, frankly, all of the goals it has laid out, though the turnaround is far from complete. For example, the company is still losing money, which means it has yet to prove the most important thing of all: That a large-scale home flipping business can be sustainably profitable.

Opendoor is passing the housing stress test

For more aggressive growth investors, Opendoor's success amid broader housing market headwinds is impressive. It still has a lot to prove, but it has already proven a lot, too. If the housing market has you down, maybe you should dig into Opendoor (as an investment opportunity and/or as a potential way to sell your home).

Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.