BrokerageIndustry News

Realogy boosts revenue but still in the red

CEO: Real estate outlook for Q3, Q4 is 'somewhat uncertain'

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Real estate franchise powerhouse Realogy Corp. said first quarter revenue was up 18 percent from a year ago, to $819 million, helping the company trim losses by 24 percent, to $197 million.The company's brokerages and franchises not only handled more "transaction sides" -- representing a buyer or seller in a sale -- but home prices in those transactions were up from a year ago, boosting commission revenue.Transactions were up 11 percent at Realogy's company-owned brokerages, to 52,532, and average home prices increased 17 percent, to $418,000. The company-owned brokerages, which are owned by NRT LLC and affiliated with Realogy franchise brands including Coldwell Banker, ERA and Sotheby's International Realty, are focused on high-end markets.Homes priced at $750,000 or above represented 43 percent of sales for NRT brokerages, up from 35 percent a year ago. The share of bank-owned property (REO) sales dropped from 19 percent a year ago to 11 percent.At brokerages that are affil...