Anywhere Real Estate sees Q3 transaction volume down 10% y/y

“Looking ahead to the third quarter of 2023, the company expects our third quarter 2023 transaction volume to be down around 10% versus prior year. Consistent with industry forecasts, we still expect quarterly transaction volume comparisons to 2022 to improve throughout 2023, but expect full year 2023 transaction volumes to decline about 15-20% year-over-year and likely towards the better part of that range. Driven by these projected volume declines, the company continues to expect full year 2023 Operating EBITDA to be below 2022. However, the company still expects Free Cash Flow from operations to be modestly positive. This excludes the impact of cash expenses from the debt exchange transactions and any other non-recurring items. Based on year-to-date agent commission trends, we now expect full year commissions splits to increase about 50 to 75 basis points above 2022. The company continues to expect to realize cost savings of approximately $200 million in 2023, inclusive of the cost savings realized year-to-date in 2023.”