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Anywhere Real Estate logged declining revenues for the third-consecutive quarter on Thursday, with the real estate holding company raking in $1.3 billion during the fourth quarter — 33 percent below the same period last year.
While the Madison, New Jersey-based company was able to hold on to its profitability in the third quarter of 2022, it could not say the same for Q4 with net losses ballooning 1,064 percent year over year to $453 million. Adjusted net losses, which exclude non-cash goodwill and non-cash accounting charges, clocked in at $93 million.
The company’s operating earnings before interest taxes depreciation and amortization (EBITDA) also declined 92 percent from $157 million in Q4 2021 to $12 million in Q4 2022.
Much like its competitors, Anywhere experienced declining transaction volume across all of its segments, including Anywhere Brands (-22 percent YoY), Anywhere Advisors (-14 percent YoY) and Anywhere Integrated Services.
The downturn was most acute with Anywhere Integrated Services, a mortgage, title and insurance division formerly known as Realogy Title Group that suffered under rising mortgage rates that pushed purchase title and closing units and refinance title and closing units down by double digits, according to the earnings call.
Title and closing united fell 36 percent year over year while refinance title and closing units plunged 79 percent over the same period, to 25,660 and 2,351 units, respectively, during the fourth quarter.
Ryan Schneider. Image: Anywhere Real Estate
Despite a rough Q4, Anywhere President and CEO Ryan Schneider remained confident about the company’s long-term prospects, highlighting his executive team’s ability to make difficult cost-cutting decisions, the latest of which being the closure of…