On a combined basis including the franchise (RFG) and company-owned (NRT) real estate services segments, Realogy’s overall second quarter homesale transaction volume (homesale transaction sides times average sale price) improved 21 percent year-over-year (compared to its previously stated guidance range of 14 percent to 17 percent).
Specifically, RFG had a 10 percent increase in homesale transaction sides and a 10 percent increase in average homesale price year-over-year during the second quarter to approximately $237,000, while NRT, with its concentration in 35 major metropolitan markets, had a 12 percent increase in homesale transaction sides and a 7 percent increase in average homesale price to approximately $478,000.
“Based on the visibility we have into the coming months from our open contracts in June and July, we currently anticipate third quarter 2013 homesale transaction volume to increase in the high teens year-over-year on a Realogy combined basis, leading to continued strength in revenue and EBITDA growth in the third quarter,” says Anthony E. Hull, executive vice president chief financial officer and treasurer. “We will provide an update on third quarter 2013 driver trends when we hold our second quarter conference call July 24.” At June 30, 2013, the Company’s net debt was $4.0 billion, which included $140 million of borrowings under its revolving credit facility.
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