Realogy recently reported financial results for the quarter ended September 30, 2013, including the following highlights:
“We had an outstanding third quarter,” says Richard A. Smith, Realogy’s chairman, chief executive officer and president. “Our 29 percent increase in year-over-year homesale transaction volume exceeded the 26 percent sales volume increase reported by the National Association of REALTORS®. While industry observers anticipated that the mortgage rate environment would slow the housing recovery, we now believe the exact opposite occurred — it accelerated. In our view, the strong volume increase was driven by a combination of pent-up demand, relatively low inventory and a shift in homebuyer preference to purchase existing homes over new homes due to the ability to lock in mortgage rates for the shorter period it takes to close on an existing home purchase over a new home.”
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