eXp Earnings Reports Growth and Wider Losses, Florida Considers Eliminating Property Taxes, N.A.R Report Home Sales Decline

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eXp Earnings Reports Growth and Wider Losses

eXp World Holdings – NASDAQ Ticker Symbol EXPI – has reported its full-year 2024 results, with revenue reaching $4.57 billion, a 6.7% increase from the previous year. However, eXp posted a net loss of $16.8 million, or $0.11 per share, widening losses by 87% compared to 2023. Despite the losses, revenue exceeded analysts’ expectations by 1.5%, and earnings per share surpassed estimates by 4.5%.

Key highlights include strong international growth, with a 63% rise in global revenues and a solid agent satisfaction score of 77. The company also reported a 16% increase in adjusted EBITDA to $75.5 million.

On the downside, eXp faced a $34 million litigation charge and a $4.9 million impairment, and a decrease in total agent count. Looking ahead, eXp forecasts a 6.6% annual revenue growth over the next two years, trailing the broader real estate industry’s expected 11% growth.

The news negatively impacted eXp share price with a sell-off at the opening bell on Friday.

Source: Link

Florida Considers Eliminating Property Taxes

Governor Ron DeSantis is backing a bold proposal in Florida to eliminate property taxes, a move that could make the state the first in the nation without them. The Florida Legislature is considering the plan, which has already sparked strong reactions from both supporters and critics.

A bill filed in the state Senate calls for a study on the potential impact of eliminating property taxes on public services and the economy. Property taxes currently fund essential services like schools and emergency services in Florida, which has no state income tax. The proposal explores whether higher sales taxes could make up for the lost revenue.

DeSantis expressed support for the idea on social media, stating that property taxes are an ineffective form of taxation. State Senator Jonathan Martin filed a bill to study the feasibility of the change, which could involve raising sales taxes and making budget cuts. The report on this study is expected by October.

While some see property tax elimination as a way to make homeownership more affordable, others worry about the impact on services. The debate continues as Florida seeks a path forward for tax reform.

Source: Link

N.A.R Report Home Sales Decline

Existing-home sales fell 4.9% in January, reaching a seasonally adjusted annual rate of 4.08 million, according to the National Association of REALTORS®. Despite the monthly decline, sales rose 2% compared to the same time last year, marking the fourth consecutive year-over-year increase.

The median home price in January reached $396,900, a 4.8% increase from January 2024, continuing a 19-month streak of price hikes. Inventory also grew, rising 3.5% from December to 1.18 million homes, equivalent to 3.5 months of supply.

Sales were down in most U.S. regions, with the Northeast seeing a 5.7% decline, while the Midwest remained unchanged. Higher mortgage rates and elevated prices are still a challenge for buyers, but more inventory may help qualified buyers enter the market. First-time buyers accounted for 28% of sales, a slight drop from December.

Sourc: Link

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