Despite
stalling

home
sales
in
the
third
quarter,


Anywhere
Real
Estate
managed
to
deliver
“considerable
profitability.”
The
company
closed
the

third
quarter
with
$1.6
billion
in
revenue,
which
is
12%
lower
than
Q3
2022, but
$129
million
in
net
income,
an
increase
of
135%
compared
to
the
same
time
last
year.

“Anywhere
led
through
a
difficult

housing
market
to
deliver
considerable
profitability
and
achieve
substantial
debt
reduction,”

Ryan
Schneider,
Anywhere
president
and
CEO
said
in
a
statement.
“We
accelerated
our
strategic
progress,
including
expanding
our
high-margin
franchise
business,
integrating
the
consumer
transaction
experience,
taking
advantage
of
the
better
competitive
environment,
and
putting
significant
litigation
behind
us,
to
set
Anywhere
up
for
powerful
momentum
as
the
housing
market
improves.”

The
company
produced
these
results
as
home
sale
transaction
volume
dropped
13%
over
last
year.

Existing
home
sales
fell
steadily
throughout
the
summer,
with
home
sales
trending
for
the
year
at
4.07
million
in
July,
4.04
million
in
August,
and
3.96
million
in
September.

Meanwhile,

home
prices
remain
higher
than
last
year
but
moderated
throughout
the
summer.
In
July,
the
median
sales
price
was
$405,700,
sliding
down
to
$404,100
in
August
and
$394,300
in
September.
However,
that
price
is
still
2.8%
higher
than
in
September
2022.

This
quarter’s
results
are
in
part
due
to
the
company’s
cost-saving
strategy.
Just
in
Q3,
Anywhere
saved
approximately
$60
million
and
over
$160
million
year-to-date.
The
projected
number
for
the
full
year
is
$200
million.

During
the
third
quarter,
transaction
sides
at
the
firm’s
franchise
group,

Anywhere
Brands,
dropped
18%
year
over
year
to
200,619.
The
firm’s
owned
brokerage
group,

Anywhere
Advisors,
recorded
a
17%
annual
decline
in
transaction
sides
to
71,794.

Both
Anywhere
Brands
and
Anywhere
Advisors
reported
a
5%
increase
in
their
average
home
sale
price,
inching
up
to
$470,818
and
$712,232.

The
company
also
reported
reducing
its
debt
by
$281
million
thanks
to
“successful
debt
exchanges,
open
market
bond
repurchases
and
repayment
of
a
portion
of
their
revolver
balance.”