It’s financial reporting season and we’re keeping tabs on the wins and losses across the real estate and mortgage industries.
Commercial and would-be residential giant CoStar reported a revenue jump of 13 percent annually in Q2, hitting was $606 million. Additionally, net income was $101 million in the second quarter, an increase of 20 percent year-over-year.
“We achieved another great quarter of very strong results in terms of revenue, sales and traffic to our websites,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “Overall revenue grew an impressive 13 percent year-over-year, with Apartments.com revenue growth accelerating to 23 percent in the second quarter. Our sales team delivered $82 million net new bookings, which is the second highest quarter in our company’s history. The Apartments.com team produced record results for the third quarter in a row, with net new bookings up 84 percent over prior year. Achieving these results despite commercial property transactions plummeting 63 percent in the second quarter, demonstrates the resilience of our platforms.”
Traffic to all of CoStar Group’s web sites reached a new high of 105 million unique visitors in June, according to Google Analytics, exceeding 100 million in the second quarter for the first time.
Over on the lending side of the street, Fannie Mae has announced that it brought in $5 billion net income for the second quarter of 2023, with net worth reaching $69 billion as of June 30, 2023.
Net income increased $1.2 billion in the second quarter of 2023 compared with the first quarter of 2023, primarily driven by a $1.4 billion shift from provision for credit losses to benefit for credit losses.
Fannie Mae acquired approximately 227,000 single-family purchase loans, of which more than 45 percent were for first-time homebuyers, and approximately 54,000 single-family refinance loans during the second quarter of 2023. The company also financed approximately 139,000 units of multifamily rental housing in the second quarter of 2023, a significant majority of which were affordable to households earning at or below 120 percent of area median income.