Realogy transactions jump 29 percent in Q3

TRD 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

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

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

Developers and brokerages are getting creative for Art Basel

Developers and brokerages are getting creative for Art Basel

(Illustration by Charis Tsevis)

Revealed: Corcoran’s “hacked” files

Compass CEO Robert Reffkin and Realogy CEO Ryan Schneider (Credit: Columbia and iStock)

Compass to Realogy: You can’t sue us

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

Bill Cunningham and Citi Habitat's Gary Malin. The longtime president of sales is leaving the firm.

Corcoran shakeup: Bill Cunningham out; Gary Malin now COO

arrow_forward_ios