Realogy posts $1.2B revenue, $22M net loss in Q2

Increase in sale prices helps offset decline in transactions

Real estate franchisor and brokerage giant Realogy Corp. reported that it lost $22 million during the second quarter as revenue fell 6 percent from a year ago, to $1.2 billion, as a result of a slowdown in sales.

Transaction sides were down 13 percent at both company-owned brokerages and among independently owned Realogy franchisees operating under the Century 21, Coldwell Banker, ERA, Sotheby’s International Realty, and Better Homes and Gardens Real Estate brand names, the company said.

"The comparative weakness in the second quarter of 2011 was primarily related to the unfavorable year-over-year comparisons to the second quarter of 2010, which experienced a significant spike in unit sales directly related to the homebuyer tax credit (program)," Realogy CEO Richard Smith said in a statement.

"Sluggish macroeconomic conditions such as weak (gross domestic product) growth, continued high unemployment rates and low consumer confidence also contributed to a suppressed demand for housing this past quarter."