Third-quarter earnings reveal a varied performance across real estate, with standout gains in recruitment for The Real Brokerage and mortgage growth for Zillow, while others like Offerpad and RE/MAX face ongoing challenges amid shifting market conditions.
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The Q3 2024 earnings roundup for real estate companies reveals how firms have fared amid ongoing economic pressures and shifting market trends. Releases show how some companies are navigating fluctuating demand, interest rates and buyer preferences. So far, highlights include The Real Brokerage’s strong recruitment efforts and 74 percent revenue boost, Zillow’s 17 percent growth driven by a surge in mortgage activity and loanDepot’s first profit in nearly three years. Other firms, like Offerpad and RE/MAX, continue to face challenges, with revenue declines and agent attrition. This earnings season sheds light on industry-wide strategies, competitive stances and emerging opportunities as companies adjust to the current landscape.
Here’s how major real estate firms have managed challenges and pursued new growth avenues in Q3.
Expedia’s net income for Q3 was $684 million, with adjusted net income of $809 million — significant improvements compared to Q2 2024, when net income was $386 million and adjusted income was $469 million.
The company’s Q3 revenue clocked in at $83.7 million while net losses rose to $8.1 million as Fathom faced an uncertain market and dealt with expenses related to a $3 million NAR settlement contingency.
The San Francisco-based iBuyer bought and sold more homes during Q3 than it did a year ago and trimmed its net loss by 14 percent from Q2 and 26 percent from a year ago.
The virtual brokerage grappled with losses as it paid out its settlement in antitrust commission lawsuits and increased agent losses in a bid to offload less productive agents from the platform.
Seattle-based brokerage and portal Redfin’s third-quarter revenue grew 3 percent year over year to $278 million. However, the company’s net losses ballooned 77.8 percent, according to Thursday’s earnings.
Move’s overall revenue dipped 1 percent between July and September, while revenue from its real estate business — including Realtor.com — dropped 4 percent, according to Q3 earnings data released Thursday.
Travelers spent $20.1 billion on Airbnb in Q3, a 10 percent increase compared to a year ago, according to earnings results Thursday. Still, a spike in expenses as it seeks to grow overseas cut into profits.
The Real Brokerage added more than 2,000 new agents in the third quarter while revenue rose to $372.5 million, according to quarterly earnings Thursday. The company posted a net loss of $2.5 million.
Anywhere Real Estate, Redfin, eXp World Holdings and seven more of the nation’s largest real estate companies are set to release quarterly data on Thursday that could illuminate their fitness in 2025.
In addition to signing a multi-year deal with Pentagon Federal Credit Union, Blend laid off 50 workers in September, or about 9 percent of its workforce.
Zillow tallied $581 million in revenue between July and September, according to Q3 earnings released Wednesday. Revenue from the portal’s mortgage business hit $39 million, a 63 percent increase from 2023.
Beleaguered lender ekes out $2.67 million third quarter profit, with loan originations up 9 percent from a year ago as refinancings bounce back on retreat in rates.
Having slashed operating expenses by 40 percent from a year ago, the iBuyer has its sights set on boosting home purchases to 1,000 per quarter on lower cost structure.
A new quarter saw continuing trends for RE/MAX Holdings in decreasing revenue and U.S. agent count, but the franchisor also vastly improved its net income year over year.
Consumers will one day visit multiple real estate sites, including Compass.com, to find listings in the same way they now search for content on Netflix and Disney+, the Compass CEO predicted.
Deal to acquire Flagstar’s mortgage servicing business and correspondent lending platform is projected to grow Mr. Cooper’s servicing portfolio to $1.59 trillion.
Visual Lease makes a platform serving more than 1,500 corporate clients. The acquisition bolsters CoStar’s core commercial real estate business.
Jessi Healey is a freelance writer and social media manager specializing in real estate. Find her on Instagram, LinkedIn, or Threads.