Realogy transactions jump 29 percent in Q3

New York /
Nov.November 04, 2013 06:00 PM

Realogy Holdings, the public real estate conglomerate whose brands include the Corcoran Group, Citi Habitats and Sotheby’s International Realty, saw a 29 percent jump in its volume of home sale transactions year-over-year, the firm reported in its third quarter regulatory filings.

Third-quarter revenue climbed 21 percent to $1.55 billion from $1.28 billion, while its income was $150 million, the company said. NRT, the parent company of Corcoran and Citi Habitats, saw a more modest 17 percent gain in home sale transactions. NRT’s average home sale price was $476,000, nearly double the national average and 8 percent more than in the same period in 2012.

“While industry observers anticipated that the mortgage rate environment would slow the housing recovery, we now believe the exact opposite occurred — it accelerated,” Realogy CEO Richard Smith said in a statement. “In our view, the strong volume increase was driven by a combination of pent-up demand, relatively low inventory and a shift in homebuyer preference to purchase existing homes over new homes due to the ability to lock in mortgage rates for the shorter period it takes to close on an existing home purchase over a new home.” — Mark Maurer


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)
Douglas Elliman is coming to Texas
Douglas Elliman is coming to Texas
49 East 10th Street and Barbara Corcoran (Credit: Google Maps and Getty Images)
Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran to shut down office in building partly owned by Barbara Corcoran
L-R: Douglas Elliman CEO Scott Durkin, Serhant CEO Ryan Serhant, Brown Harris Stevens CEO Bess Freedman, The Real Deal's Hiten Samtani (Photos by Paul Dilakian)
Top resi execs talk brand building, tech and politics at TRD NYC event
Top resi execs talk brand building, tech and politics at TRD NYC event
From left: Douglas Elliman's Scott Durkin, Stephen Kotler and Avi Dan-Goor (Douglas Elliman, iStock)
Douglas Elliman bets on Vegas in westward expansion
Douglas Elliman bets on Vegas in westward expansion
Realogy CEO Ryan Schneider (Realogy)
Realogy rebranding as Anywhere Real Estate
Realogy rebranding as Anywhere Real Estate
Douglas Elliman's Howard Lorber (Getty, iStock)
Douglas Elliman profits plunge more than 50%
Douglas Elliman profits plunge more than 50%
Expansion teams: Residential brokerages take on new frontiers
Expansion teams: Residential brokerages take on new frontiers
Expansion teams: Residential brokerages take on new frontiers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...