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nywhere Real Estate Inc. has filed its 10-Q for the quarter ended September 30, 2024. The filing shows a decline in net revenues to $1.535 billion from $1.584 billion in the same period last year, primarily due to lower home sale transaction volume at Owned Brokerage Group.

    Total expenses rose to $1.532 billion from $1.414 billion in the prior year's quarter, mainly driven by reduced gains on early debt extinguishment. Net income plummeted to $7 million from $129 million a year ago, attributed to decreased revenue and increased expenses.

    Operating EBITDA for the quarter was $94 million, down from $107 million last year, due to lower revenues and higher costs. Franchise Group saw a $4 million decline in revenue to $267 million, largely due to reduced third-party domestic franchisee royalties and intercompany royalties.

    Owned Brokerage Group reported a $51 million drop in revenue to $1.258 billion, primarily caused by a 2% decrease in home sale transaction volume. In contrast, Title Group's revenues increased by $3 million to $96 million, driven by higher average fees per closing unit and refinance units.

    Anywhere Real Estate has made progress on its Operational Efficiencies Plan, achieving cost savings of approximately $30 million during the third quarter. The company also repaid the entire outstanding principal amount under the Term Loan A Facility using a combination of cash and borrowings from the Revolving Credit Facility.

    Additionally, Anywhere Real Estate has entered into a binding term sheet for the sale of 10% equity in its Independence Title and TitleOne businesses, valuing them at an aggregate enterprise value of $188 million.