$OPEN week 16 acquisitions. 444, up 17% 👀 Let's gooooo :) I'll take it, The 16 week run so far: → 564 → 538 → 529 → 523 → 551 → 568 → 635 → 671 → 716 → 610 → 615 → 558 → 499 → 444 → 380 → 444 That's the bounce I was hoping for. After three soft weeks of testing, acquisitions look to be levelling out and turning back up with the 16 week average sitting at 553 acquisitions. Very nice, Some quick math on 553 a week, using the $377,500 average sale price and roughly $110M of quarterly costs. At 5% contribution margin: → 553 × 13 = 7,187 contracts a quarter → × $377,500 = $2.71B revenue → × 5% = $136M contribution → − $110M costs = $26M a quarter → about $0.11 EPS annualised → 30x = $3.32 | 45x = $4.99 | 60x = $6.65 At 6% contribution margin: → 553 × 13 = 7,187 contracts a quarter → × $377,500 = $2.71B revenue → × 6% = $163M contribution → − $110M costs = $53M a quarter → about $0.23 EPS annualised → 30x = $6.84 | 45x = $10.26 | 60x = $13.68 Remember, these are contracts, not homes bought and some fall through, but it is here to give an idea of what to expect as we scale higher. Relative clearance, which I missed last week: → Week ending Aug 29: 1.19x → Week ending Sep 5: 1.22x → Week ending Sep 12: 1.11x A dip this week, but still above 1.00x every single week which means olOpendoor homes are going under contract faster than the wider market 👏🏻 Resale COEs, the one I care about most: → Sep 12: 2,089 vs 2,138 last year → Sep 19: 2,314 vs 2,308 last year I believe this is the first time this quarter closings have crossed back above last year. The weekly pace picked up too, +225 against +185 the week before 👏🏻 So, to summarize this week: → Acquisitions bouncing off the testing lows 👏🏻 → Clearance still beating the market 👏🏻 → Closings accelerating and now ahead of last year 👏🏻 Sales volume is the key metric I want to see scale higher and it's starting to move. I think from next week I will set the start of the weekly average acquisitions to the week commencing the quarter, it only makes sense that way, Regardless, very happy to see an uptick aswell as sales climb. Opendoor will redefine and modernise real estate transactions. Their platform will dominate the flow of homes. Just a matter of time. Patience and conviction. nfa, long $OPEN 🏠