Realogy Holdings Corporation posted a net loss of $67 million in the first quarter of 2018 — a per share loss of $0.51.
“To improve our business performance, we must enhance our value proposition to agents by leveraging our market leadership, geographic reach, and data and technology scale,” said Ryan Schneider, Realogy’s chief executive officer and president. “While our results trajectory will not change overnight, we are committed to demonstrating a fast pace of change, returning capital to shareholders and improving profitability over time.”
The company reported first quarter revenue of $1.2 billion. The 2 percent increase over last year’s first quarter earnings was driven by an increase in home sale transaction volume.
In the first quarter of the year, 190,800 agents affiliated with one of the many brokerages under the Realogy umbrella — including NRT, the nation’s largest brokerage in terms of sales and agents as well as Coldwell Banker, Century 21, ERA, Sotheby’s International and Better Homes and Gardens Real Estate — completed 290,087 homesale transactions for an aggregate home sale volume of $1 billion.
“I continue to be incredibly excited by Realogy’s strengths,” Schneider said. “We grew both revenue and transaction volume in an intensely competitive market in the first quarter.”
The average price of homes sold by NRT increased by 3 precent, while home sale transaction sides decreased by 1 percent.
Looking ahead to the second quarter, Realogy expects that combined home sale transaction volume will increase 2 percent to 5 percent.