Realogy (RLGY) 29 Jul 212021 Q2 Earnings call transcript

Good morning, and welcome to the Realogy Holdings Corp.

Second Quarter 2021 Earnings Conference Call via webcast. Today’s call is being recorded, and a written transcript will be made available in the Investor Information section of the company’s website tomorrow. A webcast replay will also be made available on the company’s website. At this time, I would like to turn the conference over to Realogy’s Senior Vice President, Alicia Swift. Alicia. ahead, go Please

Good conference welcome call. Lisa. quarter Realogy’s XXXX earnings morning, you, to and second Thank

Officer, On Realogy’s Ryan Financial CEO call and Simonelli. the with President, Schneider; me and today are Charlotte Chief

X As about the this current expectations statements results call. of shown statements future on the the based be its statements company forward-looking other and are economic presentation, and These environment. making will during current Slide on

many crisis, other of are projections subject significant or uncertainties inherently of control and results market. in and management, related the contingencies, and forward-looking the are Forward-looking among statements and expressed Actual strength implied the uncertainties may of which economic, to the the inventory beyond others, competitive materially continued differ other statements. those housing to including, ongoing levels COVID from

listen help to earnings Important who as herein made certain the transaction be XXXX. call, in we actual the per comparisons not and and statements filed SEC crisis, with our in contextualize SEC Also, XXXX been to important the today’s due NAR to market Factors rebroadcast specified a the could recent in that our reminder estimates, of updated volume that included our Annual XX, have revision. the measures other are comparability Quarterly are that you on sharp cause COVID press to and financial in outlined is call. referenced a is this these NAR to in subsequent remind today on assumptions the today’s release initial this earnings statistics decline SEC. our based those as quarterly homesale materially the and subject presentation, our just those important Report impact remarks review call, issued results are earnings which year-over-year annual as non-GAAP public information filings. forward-looking discussed well from on measures will financial to factors of housing non-GAAP saw most regarding call during in may of July differ that today, release. to are in Report For the and NAR’s To rules and data QX

year-over-year challenge compare also against comparisons, is helpful to believe to this XXXX. certain we it metrics Given

a continued temporary transaction declines resulted these into the responded XXXX. XX, Realogy As reminder, of volume million some QX July $XXX quarter saving cost to which $XXX Those to quarter with in of recognized third in with references saving this of made the XXXX approximately measures, cost month-to-date million remarks in significant temporary in aggregate approximately of data second reflect through Last, the savings July XXXX. XXXX. measures

Schneider. will I to Now the President, and over our CEO turn call Ryan

Alicia. our innovation Good results, market including The technology in commanding everyone. progress, morning, luxury position the an second and Thank strategic combination significant outstanding share quarter. Realogy you, of grew unmatched delivered market through powerful financial gains.

success in strengthening powerful invest continue to business drive and for industry, results the future progress to is future. Realogy today positioning We continued the leading and making balance our great sheet. are delivering growth Overall, our substantially

growth, more volume profitability by our And growth versus brokerage city driven million up driven as QX And delivered Realogy XX.X% start Realogy me at fourth pretty rebound. almost XX% solid row, months of basis. unit fourth was a and in than Both year-over-year franchise unique in market and by million of quarter in with excitingly, XXXX the great on the quarter Realogy and half New businesses growth franchise significant industry. price last – quarter outpacing in the above businesses. franchise brokerage with XXXX. Alicia gained part NAR very in both by Let outstanding our quarter year-over-year substantially plus XX%. NARs demonstrated York unit June performed sharing growth Realogy $XXX and $XX housing our on share was outperformed of both results. QX growth. transaction mentioned, ending up million EBITDA, exceptional well for operating brokerage our volume XX $XXX extremely the a up a a in

management cash. over in Our and a volume best quarter our with result $XXX actions. to million public of in a capital We up a XXXX. as sheet and was ended company, and net is QX balance ever And our you operating when market disciplined exciting powerful QX as of XXXX performance, XX% its compare ratio critically, the leverage X.Xx cost opportunistic position

Our to and and on we flexibility strategic position touch that in will later. I are that deploying growth, balance exceptionally investments sheet cash gives flexibility us strong flow invest for multiple

forward, Looking QX. robust we volume our the and already as transaction by open closed pipeline are we in energized enter

So for closed XXXX, is versus up XX% XX% starting and XXXX. off month-to-date our is strong. example, transaction volume very July versus up

XXXX, transaction June market versus was is we volume, versus doubled than saw July XXXX. And up month-to-date open and QX and improving open the up XXXX also city great. XXXX. versus both XX% with York volume more XXXX, up the transaction recent versus New XX% Our our is volume And up and levels in XX% X% above XXXX. looks finally and

back incredibly volume year growth, was difficult. numbers, strong and be that the year-over-year is with seeing in that one surge But of unit of of our is XXXX. half exciting. more July performance price given remember, backdrop, unit the XXXX, is our instead increased in Now appreciation that And growth out fact given volume from how of last back July is coming of we’re way market comparisons the housing half our the in will XXXX the in July ahead

and we frankly, available, sell. remain there purchases beyond price the what is and substantially specific could fast, selling housing if And supply, offers thing more offers listing get points seeing is of And high. stay supply across the the houses Demand we price outpacing multiple the demand housing are seeing elevate. percent in all for numbers, was biggest are biggest above both Realogy Now home we the question market. is bluntly, we’re

supply. internal a inventory optimism numbers similarly green the seeing public we price large represent we inventory has track believe ago, up that number are early finally, appreciation been increases The trend actually unlike demand we for started we’re increased Now for seeing real some price They we XX are while of years are shoots and to June have speculation. bit. And trending up that has the large, today housing. not

for on So last, our most growth exciting me one update you important of vectors. some having topics saved let of new the

venture traditional is sell of first, a home So architected we extremely home buy to joint greater our with Partners of listings America their next by with existing remain supporting cash RealSure. you new on offer. Remember, buyers and/or helps But differently RealSure customers agents. and high guaranteed backed focus Home about winning is from their enthusiastic that RealSure those

really seeing. urging it’s appeals than We here. and continue result. structured joint results of business. competitor in our And think our to because customers really it’s great we with help offer, house We venture with top because winner is focused the structure, in selling liked And to monetize the got get win we’ve on fewer we’re is their our the early to agents cash our homes customers buying a advantage, of benchmarks this we dollar. RealSure traditional public invest a helping paired XX-day us and RealSure substantially with RealSure listings that a one

operational is accelerating our second, our Now, excitement progress.

expand scale three awareness, markets RealSure And our the in importantly, to while our with now operating acquire part product more ago. now for sellers, RealSure support value build RealSure, direct-to-consumer brand months the on of we versus focused is core We’re RealSure is customers. to XX in And and in vision XX market the to are marketing markets proposition. market as today RealSure buyers the our

product, for this Realogy RealSure from two Home let back and share of topics America. stepping me Now, Partners related

HPA operating of the Home together. very named by are transaction HPA efforts to And our acquired doing core As Blackstone business, and business, earlier and profitable economics part started have selling title end, remained to And with support in broader REALtech, buying that month. we finally, this we’ve been of already as was our America Partners process. focused in and Realogy home capturing

We’re look year our above our view as business grew numbers our Sotheby’s HPA. compelling and brand, excited our our International past substantially performing our U.S. one with overall all brand another with work it real what Realty, it volume joint number venture fifth the in residential about quarter We to largest luxury continuing about for the area, estate. growth in to this of means shifting the and and both confidence. forward And and we now

setting Sotheby’s International industry number last we new finally, businesses, in luxury $X internationally position million records the industry-leading our domestically for expand technology our market, luxury we portfolio. and deal million brokerage these real corporate and and city transactions continue our Coldwell geography franchise million luxury the networks. number plus And and within optimism business domestic investing corporate York to one $X brands and lead And differentiated earned leadership we plus corporate Our are the grow look of in been in strategic for owned New to our in luxury you if luxury about given referral we’ve across business to And spoke. XXXX plus expanded and and to $XX international to seven our the provide our and since Banker, Realty, unique ranking transactions.

in technology innovation. and remain we investing Now, finally, very product focused

approach Street these area generate open and tools investing we AI to run our And we provide about One built the we products very that us data-driven some with better technology, the our particular, built, progress, are remain models a differentiator. other the data about into competitive wrote products we’re products spoken technology company others thing haven’t great The we more we’re productive. We ecosystem. discussed internally architecture the in powerful and we to believe of is which various AI Journal you to critical agents insights. and our we’ve our and make brokers how our open to a data help to and scale lately and before using Wall great about integrating excited industry-leading recently some have data-driven are is in goal developed of to analytic

wrapping market sheet innovation, especially continued financial strategic and outstanding So our data with second and balance incredibly results, our excited up, quarter tech progress, sizable about gains, execution. share I’m our our

the the We liked are future. We we looking strong future QX now we we’re are more seeing. call the in I And for momentum ahead, growth even to Charlotte. really to is like results. investments over and turn housing the from And the month-to-date will our in we July passionate demand believe our obviously, about drive making bright

EBITDA, operating Good into continued value QX. this has once kicked is We drove with QX gains. impressive delivered all momentum well $XXX million morning, proposition, Ryan. on in our and you, XXXX firing everyone. executed cylinders. and winning off We Realogy Thank on again, share market results,

balance and capitalized X.X generation We our cash significantly capital with to million, free our achieved improve times. continue sheet and leverage favorable offering. on our a strong lowest momentum with We compelling bond we flow at of exchangeable conditions at market cost our to raise lower net $XXX

these QX more great results. So on touch let’s

was QX Second savings Operating QX EBITDA EBITDA impressive the last $X.X billion taken was growth quarter increase especially versus we temporary million, Operating $XXX a million at an XXXX. increase revenue set approximately of in cost as XXXX. billion, of $XXX in year. million $XXX in record pandemic lap amid an $X versus

EBITDA savings. growth and expansion paid margin operating by base managing temporary intercompany year. million, both to EBITDA retention operating Realogy prior cost outstanding substantial savings. transfer growth, sizable We versus exceptional and year-over-year, X% RBG lapping strong. prior brokerage was marketing and margin volume $X.X owned continues year-over-year bottom RFG driven XX% as the Group to line of up RBG our business. increase prior versus volume and million leverage operating RBG $XX an We in million our despite temporary million fees of franchise generate grew revenue before remains We $XX at $XXX our royalties was are $XXX agent saw and drove expanded the year. up margins Brokerage spite operating last year of versus of across business year’s billion, effectively

commission position leading York investment drove the truly quarter. rebound city positioned XXX New points the Our well. splits market the ongoing transaction volume, recruiting mix us basis in up retention, in and Record-setting and luxury in ongoing and agent

making prior prior versus year, core title year, the increase $XX our million business strengths versus $XX mortgage our strong in operations, $XXX million on delivered Title of to $XX includes increased business. up our sale recurring franchise and We RFG was Group up business business are $XXX, volumes operating market of this prior the investments million was prior national Franchise and $XXX of scale, royalty our an transaction points XX love million, management drive $XX which are slowing versus Realogy was $XX and powerful to versus in XX% of continues and Additionally, EBITDA share gains. purchase driven like property year. Realogy as basis million, a the decline decrease $XXX The timing predominantly also $XXX prior operating by Overall, units. which revenue, per drove mix due million, in results leads business impressive refinance to development year diverse we revenue streams. side its agents, of year prior million $X and relocation year. growth, versus operating up volume driving new up commissions royalty up our million we franchise offset net Title and Group brands, due million, versus primarily EBITDA leverage. as was JV. business,

was title year-over-year. mortgage JV, digital and $XX our Excluding operating adoption. we’ve from agency, across up the benefited greater growth EBITDA million In portfolio

We quarter this we as fully also our month continue purchase business, scaled to largest is our the growth with funding underwriter sizable purchase which strong in power and and grow the in platform. up saw unit leverage record. JV, In XXX% remains of approximately volume mortgage on the further June EBITDA

focused officers. our of remained on also We high-quality growing loan portfolio

the volumes margins gain more refi sale industry-wide. pricing competitive declined on However, with in slowed and quarter

pipeline, in on XXXX interest move impact in net In year-over-year. compared a addition, QX XXXX, a the the QX the in with negative loan with negative was adjustment mark-to-market rates was which positive $XX mortgage adjustments million consistent

elevated While softer to refi sustainable we our cost in volumes compared are despite do cost higher refi fixed XXXX, XXXX. remained focused still with associated up and considerably when versus costs are expect on base, to volumes We improvement efficiency continue variable volumes. driving

XXXX. XX, on strongest target balance leverage $XXX balance or times approximately a was quarter XX% and on secured public was million the and and the was X.X senior we times and delivering our versus of cash we this exited XXXX for yet. permanent year-to-date. savings as million in QX lowest since up going million, $XX prior zero are realized our level ratio We our of revolver. Net zero our outlined cost We free actioned, approximately continue million year, June and $XXX have $XX flow to $XX million with with sheet leverage already liquidity

we cash Realogy, to We June satisfy to and outstanding expect we back, cash took results. closing, term our We and lowered net business year. maturities. this down extending the X.XX% while financial two And QX ratio pay to approximately shifted million are managing us the in notes. from reduced and our XXXX, I by our our gives the and debt transactions, in effectively more exited cash, towards In which market remain statutory refinanced across of portfolio conditions end down at pay even net of flexibility. million have million, our considerable over invest we which made debt $XXX priorities, coupon, utilize $XXX debt further B issued April, in again, leverage unsecured to headway In debt the over confident by over turns debt. including and past maturities. a used hand ability in achieved our $XXX we Taking $XXX million note financial the on proceeds facility, to near-term billion four And cash are since advantage a and of with of exchangeable step $X exchangeable loan

delivered which direct investments is disciplined tremendous Realogy’s your of our balance the strong, with management. P&L. a of the year, we execution, momentum we happy what and cost proud in take type our to quality extremely past strategic performance, have the have result Over in financial and am that, is and and are consistency questions. shown sheet And I both we

Tommy KBW. comes question first Your of Instructions] the McJoynt [Operator line from with

taking Hey, for question. guys. morning. my Thanks Good

end price we the the you data sale of stronger when really by home parse guys buckets. the out see at price higher So trends existing the point,

you prior that either do from is how that So do And of kind future any delayed luxury sustainable transactions periods periods? any or is in spectrum? then sense from forward pull you the think of that

there – little don’t see question. It’s delayed or Look, think one-time in that kind we surge, you’re bit of forward but talking bucket. a much don’t year trend pull great vacation been of a was a the home we We’ve we for A happening. really haven’t there’s stuff now about transactions with the ago, seeing year. basically probably the

luxury like got we’ve about. talked the I in market, look, Now, leadership

that’s benefiting I outperform can about are we’re higher of to driving one about bluntly – it. obviously ones be bigger market. the we’re of for and the consumer frankly, reasons that things and work to of market. that that of excited trend more kind it we the the We is a And one continue the So end in expect bit some than different do thing, skews really because don’t labor rest think remote obviously the see the if you here the demand, the higher of the of to segment,

their going of And remote so more folks work for the based the rotation like buyers even market potential potential are and a luxury change off lot through suburbs things from are in here the who into cities. some the the of

positioned our it, been I it a saw in our we’re a well to with from to some and consistent obviously leadership you as got pretty And think it’s luxury for trend results. it’s now year. So very legs benefit

GRA revenue do to suggesting lenders, you that the Great. market. of or And contribution? And of kind focal the Can earnings point this with over, JV? competitors kind your you can drive seen that. a rates attachment what is switching some and we’ve Thanks of talk adjacent just of mortgage growth opportunity of JVs for partnerships about announced ultimately

year, Tommy, mean, speaks of for $XXX itself. I look, the think Well, we made last kind million I

XXX we this to more years talked don’t industry covering start helped either our business offering. business. that years our just flash our accelerate three in our you thing. about mortgage technology with that efforts close It built in about loan business. has over why So everybody uses, business. growth build It’s a JV a an have been us helps to look, talking we economics. important capture that. for or mortgage brokerages I’ve with clearly And the about we’ve in And three the of should those a And officers

driving by And – us, and not side integrating you differ the we’re We’re XXXX. our we to know, from there. generation just the mortgage, integrating competition. but for so integrate get is starting and in the right? with both this way, results, disproportionate We XXXX title and even with It’s lead should traction and relocation most some where insurance with and business. of And

And the the whole parts. of so kind than sum kind us of the greater for of it’s

lot So, a I again, has mortgage everybody look, spend we because business. time the business don’t the others doing what spend great speak mortgage. a think in And time of on are themselves. for building our We a financials

more making in when million $XXX mortgage. people other So I’ll question your be there’s interested in plus

sense. Makes Ryan. Thanks,

Stephens. line comes Campbell question from John next Your of with the

in James Hey, stepping for good morning. This John Campbell. is Hawley

Hey, James.

now July, Over to is put moratorium in wanted luxury outlook from more inflow the your strong a and price XQ, the touch of a housing couple So performance. an the the touch more that to on into market. of record coming on tie-in could here. which some appreciation. could of things And end, some I was drivers I hoping you’ve inventory you just had

more looks outlook you drivers could housing luxury as what here market. about and as like Just from for the wondering the if talk well there

QX, our thing the And appreciation. appreciation. money gains both, but, unit have obviously, start for had than and most QX. tables, so on growth powerful but we Well, in And made very thing important is which up, this literally talk about, you numbers thing had had we didn’t your let more the growth in we than wow, can look it like price unit unit a more question with growth me we is price we our

of QX, the units bunch a So unit on but gain NAR, we when outperformed appreciation not of a a in And just talk don’t price price, you market was that reason miss on growth. about shares. lot please big that and

that. versus our you Friday, about look, excited XXXX. kind XX% year, pretty up versus literally gave And last were and XX% to we I numbers So We’re right? then, of I last think up like

a kind out we belief So think into moving are seeing in Floridas, bluntly pipeline demand the to the changing rotating got their live. Arizonas Remote rates is people ways. suburbs, structurally, look, people you’ve Texas that real, are and people prime where incredibly millennial here. stuff low. And, of the some years the in that and the generation of for is good low, had world And then, there’s housing there again, greater we’re and like are work the I’ve hitting

it us market these to to question, as there. remote And the the of positioned so last of and like most, still on looks helps mentioned some there. And the benefit well end I higher trends we’re work the housing demand is like

what So seeing. we we’re like

We’re of into us. come positive That’s territory. seeing back York market big New city a for kind

increase, So units because in of of grew your year’s what still the last we’re volume, numbers last is we’re and a it question that really to far is speak levels little how liked July, be did I themselves. most pretty call The but price And that in seeing. one for big so the even year out pretty July we’re unit the July script we think I seeing above good. feels high thing in in optimistic, to

seeing kind numbers what really of got, we’re literally latest as the mean, we ago. I and six that’s they’re of days So

can if then And in squeeze more you. here I Got you. Thank quick. one That’s helpful.

Sure.

on lot well. legal side on side, There’s noise a possibly regulatory of a the been as

today agent rates. level frame versus right questioning are the ago? agent you people a now How decade value the and now, of up do commission Some they commissions Are justified right of add paid?

gets agents watching are we used value in look, think their feet. is last the you’ve negotiate months in have with high. you agents, the the of previous, with their it it’s Customers talked we and think And agent agents And year negotiation. a XX look, approved right? More we’re know, people people that Well, always quite than sold commission rates. in the The market. we – voting the prices house, if

that at their have about see the house safety stuff in the it’s people getting flat. stayed I it you agents one basically the whether their can and value. sell market in with people was prices health in agents of helping whether And for deliver think that real best buy the a year, So house some house. over some in just parts past of country the or pretty tight the price of And

enough that the I’m it with in to they when agents and remember real so, And internet value would agents think out was it deliver business, put predicted improve I their of the customer but relationships. old XXs

we’re for we’re kind our make so doing of some do even more for the tools to what times. excited to easier some of helping to transaction And people to we stuff especially customers, transaction some of safety the are that in ease virtual health technology everybody, the including help value of can and and with our agents add

Thank you. the it. for Appreciate Got color. you

question Bouley with Matthew next Barclays. the from of comes Your line

sort maybe retention kind I’m Good of answer broader more I maybe continuing the the high-performing could of simply is way on for speak estate of agents. that the that’s count market-wide at And much focusing the how matches Congrats backdrop. guess agent with Thank the you. to becoming I’m sort the taking if to growth, Obviously, looks agent agents. recruitment rise. of what getting morning, to real and amidst people questions. strong market on everyone. of like you that kind Thanks is your results. of curious It

Sure. that take guess. one, I I’ll

Let me one. take that

So, in is retention spot. nice a look, our

high Our have retention historical for pretty kind consistently couple of year some is over and hanging for been quarters points. a near of rose of out now pretty a our

talk gaining in end power like And opportunities. the and feels on when the brands And gaining about earlier agents and to proposition. so to call. again, good market be I the speaks It share, – with we we that and there’s about it’s our luxury especially market that speaks value our share, that that that’s to our talked

retention I just the the side, – think And So it’s the at think growth recruiting on of don’t feels good. we’re market all. the I then

I of X%, kind of we of been kind a agents. increase quarter. showing pretty And every think spectrum kind X% recruit we’ve consistent single across in of an kind of steady, the agent count, X%,

a brands. have recruiting into pack across of middle making and success them our of We top lot kind of agents people the the in quartile

the it. results have So that been kind steady digits that we’ve are above we’re like here is of low-single kind market. and of we growth doing. the a it’s results. like of part we We shooting consistent our why with that but been consistent think kind more, X% And that’s we there’s growth always And for obviously happening thing of we’re having

Really that, Got for Ryan. you Thank helpful color. it.

on one Second splits. commission

couple that issues quarter. you mix mentioned the number think impacted I in that a

any a that Just you bit. commission of this might backdrop about volumes number curious sort kind housing just market thinking second of mentioned two, around if in of be little decelerating the you half where numbers really in one. could that, And put direction number the splits

type Just that splits kind of on you. of broader environment. thoughts and Thank commission

Sure.

we been So what is have mix. we’re seeing agent as seeing the

So which a going about more are been the higher now. on splits This for higher the transactions. year doing normally have producing agents, has of

so you with from geography. and slight And There’s you’re to in splits. going this up volume, marry get impact high increase a significantly that

and like are California, a markets of the bit Florida geographic of well. there’s think really you outperforming If mix as that

what And that’s than different so we not have been seeing.

to year, start As we lapping begin this far of half as relates back though. it the the to

So benefit what’s that’s going to us.

be pressure will and the agent we start some there it of year we’re abate continue should to high where to mix volumes, already still expect bit. as do from we lap So seeing the splits, on last a periods the but

can I you share most with the probably at point. that’s this So

helpful. Charlotte, thank Ryan. and Well, you, Very you, thank

you. Thank

Your next with & question Zelman comes from the Associates. line of Ryan McKeveny

Great taking questions. for Hey, Ryan and and job on morning, the thanks the good quarter, Charlotte.

a question, First bit of a two-parter.

count competitive continuing agent very bit prior very the about to times to some always to a see. question between goes of could it guess all competitive time about I I’m seen to being We’ve environment. from the So extremely you competitive, kind curious more you but if speak to rise, movements competitive. the back very obviously at good over were just competitive asked

dynamics first dynamics retention, you’re of how the changes spoken relative agent the seeing part question in competitive playing somewhat past. guess those to is I are around you’ve the recent recruitment into about my any just So the that

wouldn’t say I any No, there’s been changes.

it pre-rework, more then say a but I I very competitive. of more And been that a would think it post-rework, kind than competition. big of part extremely was competitive, just little that the we’re was it’s

thing like share. out we point, there when been that And but agents, it’s real like and kind I aggressive, our We either strategic it’s our market we’re XX share ratcheted say. been the And right more, tough We’re that four pretty think of there months tough growth. quarters our we XX, wrapped that’s it’s it’s your – But some We’ve row. would having it in think about has a the steady in we always up taking To but kind industry. this success times been it’s I of up for the it even last now growing initiatives. that as tough. don’t of same keep have grown we’re of been

luxury. that’s of the have we leading position in Some

big but liked we’re liked it returns. contributes We in it’s that our of the talked we this, area. clear financial part places we that it but and to helps the incredibly we stuff of in it commission financial hopefully making a we again, about like at investments we’re a competitive like the the that. it, like likes we even the case if higher pretty And some returns, quarter everybody watch So it, Charlotte look – – the investments, closely, costs,

Absolutely. Makes you, sense. Thank Ryan.

So little in on just that digging the cited. volume you a trends

it kind you of to like and and able know the X% ASP open which for is of the are up. specify ago unit you be believe, you expected and July, relative down, seeing But sounds up should the that increases? of declines year I I So comps in specify? you’re volume kind – the to suggesting given your to year-over-year prices, able magnitude ASP are still can June XX% up units qualitatively are

Yes.

up. say more than I would So, our were as I units price And in units is mean, price. was and I what said, QX, up June look,

that you kind numbers can opens. for the apply rough onto June of the heuristic So

July, July, I all price, think is seen is month-to-date, For we’ve for Like the for is price. growth the July look, all growth what the period.

XX months, in units $X have Remember, running more $X housing thing. low like million went XXXX. kind like been much of of in up a the Now were kind plus as units it units And market. we last million so the

what July the of we’re the seeing of in kind So in is what that unit type we seeing price then of code to And we’ve at unit least kind – $X-plus million but don’t the the appreciation, unit seeing. million some have as strength transition unit sales. same zip we’re $X-plus from is been having whole growth that sector we’ve the is been

for basically places we’ve you myself, we’ve important is I really is it similar, thought you increases in price that’s it. that right? little And was and But change. units we last getting to enough should repeat it and and talk that in price been is, XXXX, gave or a So that just to a what about seen up price. a of so strong down XX% July’s even July have July, seen XXXX, to XXXX, maybe bring of Versus appreciation but July, being think versus the unit and mix far I far all so volume

thanks. Yes,

strong But of again, there was July in XXXX. surge a pretty

if So feels that level, unit pretty XXXX like run at good. the could July we

just Makes sense. in level I one. high one if a can more And Absolutely. squeeze

Sure.

and I the have guess industry curious, business, into view unique I’m just on somebody’s asking dynamics. relocation not an you your this because more but even business I’m specific, So really of for

shift around business around just exactly the people widespread, to come be corporations? given the a guess, are I’m how might relocation you you your business? around I there’s like of work-from-home with corporate debate to forward? to I within do be curious relationships is guess view world that and lot the going work there the anything seeing many work-from-home? or office? see vaccines ongoing Is level what the more on just kind now back high returning So you high-level of of this relocation have Or of So the going decisions do to office, Because

Yes. last kind the you reload Realogy a average reason that global, business lot is the how here not we long-term which and the does part we our Jersey and is I thing right, work-from-home to seeing And New way much same clients lend at business there. I when which seeing the of of of, for of stay so headwind least number maybe about hear things. the work-from-home one you, the are goes No, and more it. here sit but our do because think is what industry of of said, Board, with look, first person off, of more we some of living part stuff – we is what the say does, are away domestic than because to it work-from-home we the And is itself choosing that Florida from tell between in talked would

seeing part headwind that person side so really But work-from-home in we’re But of the the if some from the the the the the thing of way green your in thinks. reason, is than something. think I international other shoots and on work-from-home business. U.S. world, we’re work-from-home, the business job work that that maybe or where really in Now – has more side, around if average is seeing you same in U.S. in the your especially doesn’t business ways, legs on or is green stay can’t the job shoots doing Asia

point for as that different that in that different But to that’s view, live insight And or houses using been overall in am really in positive people to I form because we So obviously, Realogy a doing. Ryan. we’ve that or geographies. happens when benefit general, of again, enables either pushes

always. as helpful Thank Ryan. Absolutely you,

Thank Ryan. you,

Justin line from with comes the Ages question of Berenberg. next Your

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later If you too. want, follow up can we

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comes Compass with the question from next Your Matt Gaudioso Point. line of

on Congrats Hey, morning. a good quarter. strong

Thanks, Matt.

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Sure.

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say base a million could anywhere level is there’s million $XXX of a year. which to And investment, $XXX you so between

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that much. is very Thanks Yes, helpful.

At this This your time, further today’s Thank there questions. for does you conference. conclude are no participation.

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