Company: HOUS
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001398987-25-000020
Chunk: 126

Company: Anywhere Real Estate Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 126
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 services as well as assistance with the inspection process and other aspects of the transaction; 

•the consumer preference to visit properties for sale in person, notwithstanding the availability of online images and property tours; and

•there is a high variance in price, depending on neighborhood, floor plan, architecture, fixtures, and outdoor space. 

Cyclical nature of industry, long-term demographics and seasonality. The U.S. residential real estate industry exhibits a cyclical nature, characterized by periods of downturns as observed since mid-2022 and from 2006 to 2011, followed by phases of recovery and growth, exemplified from 2012 to 2021. Currently, the market is at historic lows, with 2023 and 2024 having the lowest homesale transactions since 1995, according to NAR data. These cycles are typically affected by broader economic shifts and conditions within the residential real estate market, factors largely beyond our control.

We believe that long-term demand for housing and the growth of our industry is impacted by various factors. Chief among these are housing affordability, the overall economic well-being of the U.S., and pivotal demographic trends, including generational transitions, and the rise in U.S. household formations. Elements such as mortgage rates and mortgage availability, tax incentives, job market dynamics, the conversion of renters to homebuyers, and the intrinsic benefits associated with homeownership further contribute to the industry's trajectory. 

While the U.S. residential real estate market experienced substantial declines since 2022, we maintain an optimistic outlook on the growth of the residential real estate market over the mid to long term. Our optimism is rooted in the anticipation of enduring positive fundamentals, such as U.S. population over the last decade, and the expected growth in the number of U.S. households, particularly among the millennial generation, over the coming decade. 

The U.S. residential housing market is also seasonal. Typically, a heightened volume of homesale transactions occurs in the second and third quarters of each year. Consequently, our historical data reveals stronger operating results and revenues during these periods.

Uncertainties Relating to the Residential Real Estate Industry. The U.S. residential real estate brokerage industry is currently in the midst of a period of significant uncertainty driven by actual and potential changes to a number of industry rules or practices that impact the functioning of the U.S. residential brokerage industry and our business. For more information, see "Item 7.—Management's Discussion and Analysis—Current Business and Industry Trends" and