Realogy's Existing Home Sale Results Remain Unaffected After Nar Issues Downward Revision Of National Existing Home Sales Survey Data
Company's Reported Market Share Increases after Trade Association’s Change in Methodology
December 21, 2011 // Franchising.com // PARSIPPANY, N.J. - Realogy Corporation, a leading provider of real estate and relocation services, today reiterated that the National Association of Realtors' (NAR) downward revision of national existing home sale survey data from 2007 to present day will have no impact on Realogy’s reported financial results or reported key business drivers. NAR’s revision of its prior national existing home sales figures was brought about by changes in its benchmark methodology, which uses an extrapolation of local and regional sales to calculate national sales figures. The announced revisions did not change any of NAR’s reported historical median or average home sales price figures.
"Realogy's reported existing home sale transaction sides are unaffected by NAR’s revisions to its methodology for determining national existing home sales and will not change," said Realogy chief financial officer Tony Hull. "This includes the 1.18 million transaction sides that we reported in 2010 as well as related revenue drivers reported in 2011 and in earlier periods."
After factoring in NAR's downwardly revised calculation of 4.2 million total existing home sales for full-year 2010, Realogy estimates that it was involved – either through the operations of its franchisees or its company-owned brokerages – in approximately 26% of all existing home sale transaction volume (transaction sides times average price) for domestic transactions involving a real estate brokerage firm in 2010, an increase from the 23% the Company previously reported.
About Realogy Corporation
Realogy Corporation, a global provider of real estate and relocation services, has a diversified business model that includes real estate franchising, brokerage, relocation and title services. Realogy's brands and business units include Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby's International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy's franchise system members operate approximately 14,300 offices with 253,000 sales associates doing business in 100 countries and territories around the world. Realogy is owned by affiliates of Apollo Management, L.P., a subsidiary of Apollo Global Management, LLC, a leading global alternative asset manager.
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