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nywhere's third-quarter earnings were impacted by a depressed housing market, but CEO Ryan Schneider expressed optimism about the company's prospects. The real estate services firm reported an adjusted net income of $6 million, down from $17 million in the same period last year. Revenue fell 3% to $1.5 billion, while operating EBITDA decreased by $13 million.

    Transaction volume was flat year-over-year, with a 5% decline in second-quarter units closed and a 6% increase in prices. Schneider attributed this to the ongoing housing market downturn. However, he noted that Anywhere's October numbers showed signs of improvement, with a 9% increase in closed transaction volume and a 16% rise year-over-year including new contracts.

    Schneider also weighed in on the National Association of Realtors' Clear Cooperation Policy, stating that Anywhere does not support its repeal but rather a relaxation of the rule. He believes this would benefit larger brokers like Anywhere, which has more listings than any other company.

    Anywhere's commission splits remained steady at 80.4%, while average commission rates fell slightly to 2.41% for franchise groups and 2.36% for owned brokerage groups. The company rolled out five buyer agreements in response to NAR's rule changes, with the six-month contract being the most popular.

    Anywhere achieved $30 million in cost savings during the quarter and expects to save around $120 million for the year. The company generated $99 million in free cash flow and aims to produce $100 million in cash for the year, excluding one-time payments. Schneider emphasized the importance of integrating its brokerage and title businesses using artificial intelligence, which he believes will help great agents focus on generating business while also driving down error rates.