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nywhere Real Estate Inc (NYSE:HOUS) reported a strong Q3 2024 with $1.5 billion in revenue and $94 million in operating EBITDA, despite a challenging housing market. The company achieved $30 million in cost savings during the quarter and is on track to meet its $120 million target for the year. Its luxury portfolio saw a 5% volume increase, with over 250 closed transactions above $10 million.

    The company expanded its high-margin franchise business by adding 17 new franchisees in Q3, strengthening its network. Integration of brokerage and title services is progressing, enhancing agent support and improving transaction efficiency. However, the company faces significant one-time cash flow headwinds, including an $83.5 million litigation settlement and a $40 million legacy tax matter.

    Q3 operating EBITDA decreased by $13 million year-over-year due to lower revenue and increased legal expenses. Closed transaction volume was flat year-over-year, with declining units offset by rising prices in certain markets. The company incurred higher operating expenses, partly due to employee-related costs and legal expenses.

    Anywhere Real Estate Inc's CEO, Ryan Schneider, expressed optimism about the housing market, citing a 9% year-over-year increase in October's closed volume and a 16% rise in open volume. He also addressed the clear cooperation policy, stating that the company does not support rescinding it, as it ensures equal access to inventory.