In a mixed earnings report, Anywhere Real Estate, on July 29, reported financial results for the second quarter ending June 30, 2025, which included revenues of $1.7 billion, essentially flat compared to the second quarter of 2024.
On the luxury side—Anywhere’s Coldwell Banker Global Luxury, Corcoran and Sotheby’s International Realty—there was a 3.5% increase from Q2 2024 and about an 8% increase year-over-year growth in the first half.
Optimism from July’s momentum
Anywhere President and CEO Ryan Schneider struck an optimistic note about recent business momentum in a call with investors, noting that the housing market seemed to take a turn in July, according to their portfolio.
“In July, we are seeing units up and prices up. I kind of gave the numbers on our closed volume…our open volume…and our open, luxury volume in July, and, you know, it’s at least 50/50 units up and price up. And in luxury, it’s actually mostly units up,” Schneider explained. “In July, we’re seeing something happen where units seem to be having a little bit of a renaissance, which is awesome, because most of the gains this year so far have been price-driven.”
Breaking it down geographically, Schneider said there were only two states where prices dropped at all, among meaningfully sized markets—Florida and Colorado.
“So I think there is still this dynamic out there…that demand is actually greater than supply still, even at these higher affordability levels, and so almost all states we’re looking at have prices still rising, no matter what’s happening with their units,” Schneider explained. “So I think the talk of prices falling is a little overstated back there, and you know, it hasn’t spurred units, but we have seen units in July come back, but still with some price growth—so it’s a weird market out there.”
Despite the muddled picture and difficult market, investors piled into the company’s stock, with Anywhere shares rising over 10% on Tuesday following the earnings report.
Agent recruiting and private listings
The company’s agent recruiting efforts showed strong momentum, more so than in 2024 or 2023—and that’s at least partly due to the company’s stance on private listings, said Schneider.
“One of the things that I think is helping us win is this…stance on, you know, we want to do what’s best for the consumer, and that’s typically getting as many people looking at your listings as you can,” he said. “While, again, we sell 6% of our listings privately, we think the vast majority of people…should have a broad distribution of listings, and that resonates with agents who want to do business that way—and it’s helping with recruiting.”
The company also rolled out some other features “that let our brokerages do…private listings if they want…and be totally compliant with industry parameters,” but Schneider teased that, in August, those features will be enhanced, along with the ability to “share it across any part of the Anywhere network.”
Generative AI
Anywhere’s “Reimagine ‘25,” an initiative launched earlier this year to enhance operations using AI, is expected to significantly contribute to the company’s savings targets, said Anywhere CFO Charlotte Simonelli.
“By leveraging AI-enabled technology to reduce manual processes, we aim to enhance our value proposition and unlock growth opportunities. No area of our business is out of scope for this transformation,” Simonelli said. “Some of our most recent examples include leveraging generative AI to improve our brokerage transaction processing.”
She added that a third of Coldwell Banker brokerage document submissions are now automated, and they are en route to being at 90% by year’s end.
“Automation and workflow improvements have significantly boosted operational efficiency, resulting in the highest quarterly margin since Q3 2022,” Simonelli said.
Q2 ‘25 Financial highlights
- Revenue of $1.7 billion, up $13 million from Q2 2024
- Reported Net Income of $27 million, a decrease of $3 million year-over-year, and operating EBITDA of $133 million.
- Continued strength in luxury with Coldwell Banker Global Luxury, Corcoran and Sotheby’s International Realty brands significantly outperforming the market, with closed transaction volume increasing approximately 3.5% year-over-year.
- Combined closed transaction volume was flat year-over-year, but momentum improved into July, with closed transaction volume up mid-single digits year-over-year as of July 21, driven by gains in both sides and units. Open volume rose 9%, supported by increases in sides and price, while Advisor listings grew 11% year-over year.
Simonelli said she expects operating EBITDA for the full year to be about $350 million and for free cash flow—excluding one-time charges—to be about $70 million “with the biggest swing factor being the housing market itself, which is inherently volatile.”
