Realtor.com parent company Move Inc. managed to tally revenue gains for both the most recent three month stretch and over the past 12 months, according to a new earnings report.
Move increased revenue year over year by 3 percent — to $148 million — between April and June. The company’s report noted that gains happened primarily as a result of the rental syndication partnership Realtor.com inked with Zillow early last year, the earnings data shows.
Realtor.com also saw a boost in sales of its RealPRO Select lead generation product as the portal focuses on premium subscriptions that yield higher revenues per lead. Lead volume declined 13 percent during the quarter, as elevated mortgage rates and home price growth continued to stunt home sales activity.
Realtor.com’s average monthly unique users for the quarter declined 3 percent annually to 72 million, the report notes. The report adds that the site “continued to gain share among other real estate portals,” though it does not elaborate further.
Looking at Move’s performance over the last 12 months, revenue increased 1 percent year over year to $552 million.
News Corp CEO Robert Thomson praised Realtor.com CEO Damian Eales during an investor call, saying the leader has helped boost Realtor.com revenue for the third consecutive quarter. Thomson said he’s looking forward to Realtor.com strengthening its relationship with the National Association of Realtors and continuing its “Let America Build” campaign.
“We are particularly pleased with the three growth areas targeted by Damian Eales and the team,” he said. “Revenue across rentals, new homes, etc. accounted for 24 percent of revenues for the quarter, a rise of five percentage points year over year.”
“These trends provide evidence that Realtor should thrive when the U.S. housing market ultimately nears normalcy after a period of punitively high mortgage rates and remarkably low turnover,” he added. “Realtor reach has extended despite the depressed markets, with the share of visits significantly expanding in June, when there were 256 million visits, four times that of Homes.com and more than twice that of Redfin, according to ComScore. We are working to enhance our relationship with the National Association of Realtors to the benefit of both partners, and crucially, to the benefit of Americans seeking to buy or to sell a home.”
