Markets & Economy

Realogy earnings point to ‘challenging year’ for real estate

Spring buying season has yet to take off

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Real estate titan Realogy, which owns and operates the U.S.'s largest brokerage and a handful of the world's largest franchisors, grew its first-quarter revenue by 5 percent from a year ago to $1 billion thanks to rising home sale prices. But the publicly traded company represented fewer homebuyers and sellers than it did a year ago, counter to the usual spring bounce seen in the housing market. "As we have moved into our spring selling season, thus far the level of open activity we expected has not materialized, particularly as it relates to home sale transaction sides," said Anthony Hull, Realogy's chief financial officer, in a statement. "2014 could be a challenging year especially if transaction volume growth continues to slow throughout the prime selling season," Hull added in a conference call to investors. The Madison, New Jersey-based firm's brokerage wing, NRT LLC, which has over 700 offices in over 40 large U.S. metros and accounted for $750 million of the fi...