The stability of these gross sales left Opendoor with a web loss, measured in accordance with typically accepted accounting rules, of $399 million for the fourth quarter, or 63 cents a share. The online loss for a similar quarter in 2021 was $191 million, or 31 cents a share. Opendoor’s loss for the total yr of 2022 got here in at $1.35 billion.

Analysts had anticipated a web lack of $533 million within the fourth quarter of 2022, in accordance with FactSet. Shares of Opendoor fell 1.6% to $1.82 a share on Thursday forward of the outcomes, and so they had been primarily flat in early after-hours buying and selling. They’ve fallen greater than 80% over the previous 12 months.

Opendoor is an iBuyer, or an organization that makes use of synthetic intelligence and different expertise to assist it value and purchase 1000’s of houses, then goals to revenue by promoting them once more inside a couple of months.

Opendoor executives have attributed most of the firm’s losses to its determination to honor buy contracts they signed earlier than greater rates of interest started throttling the housing market final yr.

The corporate has since bought about two-thirds of these houses, bought final spring, in accordance with the fourth-quarter shareholder letter. It expects to have bought greater than 85% of them by the tip of the present quarter, dropping about 4% a house on common.

In a letter to shareholders, the corporate mentioned it has taken steps to restrict its gross sales losses because it continues to shed its stock of single-family houses. That features paying much less for brand new houses, shopping for fewer of them and spending much less on advertising. It has additionally made deep cuts to itemizing costs to become older houses off its books.

“In hindsight, we didn’t do that shortly or aggressively sufficient,” the corporate mentioned.

Greater than half the houses Opendoor bought from November via January had been for much less cash than what it had paid for them, in accordance with analysis agency YipitData’s evaluation of markets the place knowledge is accessible. These losses embrace the service cost Opendoor collects from sellers, however might not embrace the total stability of different charges, YipitData mentioned.

The corporate mentioned in its letter that it expects extra constructive outcomes for homes it bought in latest months. For these houses, the corporate mentioned it was on observe to hit contribution margins, a measure of income, of 4% to six% a house. The corporate ended 2022 with an unsold stock of 12,788 houses.

As its home-flipping enterprise sagged, the corporate final yr launched a market to attach dwelling patrons and homesellers, with out Opendoor having to behave as a purchaser.

“Constructing towards that managed market goes to be a multiyear journey,” wrote

Carrie Wheeler,

Opendoor’s chief government.

Write to Will Parker at will.parker@wsj.com