Anywhere
Real
Estate
felt
the
brunt
of
the
challenging
housing
market
again
in
the
first
quarter
of
2024
as
the
company
reported
a
loss
of
$101
million
during
the
three-month
period.

It
generated
$1.1
billion
in
revenue
in
the
first
quarter
of
2024,
which
was
flat
on
a
year-over-year
basis.
But
transaction
volume
increased
by
2%
during
the
three-month
period,
marking
the
first
annualized
increase
in
two
years.
Meanwhile,
the
number
of
units
sold
was
down
4%
and
prices
were
up
7%.

“The
first
quarter
of
2024
was
another
tough
time
in
the
housing
market,”

Ryan
Schneider,
Anywhere
president
and
CEO,
told
analysts
during
an

earnings
call
on
Thursday.
“I
am
proud
of
how
our
affiliated
agents,
franchisees
and
employees
helped
customers
navigate
ongoing
complexities.
…
This
is
the
seasonally
slow
part
of
the
year
and
we
are
in
a
very
difficult
housing
market
with
a
record-low
level
of
unit
sales.”

The
company’s
revenue
stagnated,
but
Anywhere
managed
to
improve
its
capital
structure
with
more
than
$30
million
in
cost
savings.
The
company
expects
to
realize
cost
savings
of
at
least
$100
million
in
2024.

For
Schneider,
growing
the
company’s
franchise
network
is
one
of
Anywhere’s
most
important
strategic
priorities.
The
CEO
wants
to
enhance
the
value
proposition
for
both
new
and
existing
franchisees,
he
told
analysts
on
Thursday.

“We
are
bringing
them
new
profit
sources
such
as
Upward
Title.
We
are
providing
them
excellent
technology,
we
are
reducing
their
costs
through
products
like
the
Listings
Direct
technology,
and
we
are
utilizing
Anywhere
data
scale
to
provide
actionable
franchisee
insight
to
help
them
run
their
businesses
better,”
Schneider
said.

Schneider
highlighted
the
performance
of
the


Sotheby’s
International
Realty
brand,
which
stood
out
by
posting
a
higher
year-over-year
volume
in
Q1
2024.
The
national
housing
market
and
Anywhere’s
overall
portfolio
each
posted
lower
volumes
on
an
annualized
basis. 

Meanwhile,
the

Corcoran
brand
dominated
the
New
York
City
market
and
was
ranked
as
the
No.
1
brand
in
Manhattan
for
the
fourth
consecutive
year,
according
to
Schneider.
Additionally,
the
company
expanded
the
Corcoran
brand
in
new
markets
such
as
Boston
and

Portland,
Oregon,
in
the
three
first
months
of
2024.

Over
the
three-month
period,
transaction
sides
at
the
firm’s
franchise
group,

Anywhere
Brands,
dropped
4%
year
over
year
to
144,775.
The
firm’s
owned
brokerage
group,

Anywhere
Advisors,
recorded
a
6%
annual
decline
in
transaction
sides
to
50,513.

Anywhere
Brands
and
Anywhere
Advisors
each
reported
a
7%
increase
in
their
average
home
sale
price,
inching
up
to
$470,119
and
$709,506,
respectively.

Commission
splits
in
the
first
quarter
were
down
3
basis
points
year
over
year
to
79.9%. 

“Anywhere
delivered
solid
results
in
the
first
quarter
despite
a
tough
market
environment,”
Charlotte
Simonelli,
the
company’s
executive
vice
president,
chief
financial
officer
and
treasurer,
said
in
a
statement.

“We
are
excited
about
our
financial
octane
when
the
housing
market
strengthens
and
continue
to
stay
focused
on
controlling
what
we
can
control,
maximizing
our
cost
savings,
prudently
managing
cash,
and
improving
our
capital
structure
to
position
Anywhere
for
long-term
success.”

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