Realogy Corporation reported that based on closed and open home sale contract information from its franchisees and company-owned brokerage operations, it expects that the seasonally adjusted annual rate (SAAR) of existing home sales on a national basis should remain between 5.0 million to 5.2 million in each of April and May 2011. On that SAAR basis, existing home sales this year are tracking ahead of the full-year 2010 pace, even without the benefit of a Home Buyer Tax credit. Realogy also expects a modest increase in its average home sales price in April and May 2011 compared to the same period in 2010, which is consistent with the 2% increase the Company reported for the first quarter of 2011. Realogy has approximately 740 company-owned offices and approximately 3,500 franchisees across the United States.
“While 5.0 to 5.2 million SAAR unit existing home sales for April 2011, which is the expected range among economists, would represent a 10% to 14% decline from 2010 activity, the April and May unit home sales trend would continue the monthly sequential average gain we have seen since the end of the 2010 tax credit impact,” said Realogy president and CEO Richard A. Smith.