In the last 45 days, his group has transitioned 425 of his agents with more to come. And then we just recently also announced our second Boost recipient, which is EQTY Forbes Global Property Affiliates, that’s owned by Mike and Tara Shapiro and Karen Weinberg. They were formally the second largest Sotheby’s affiliate by volume in the Southern California region. And when they sold the Sotheby’s affiliate, they were doing about $7 billion in business. So, Tara comes with a very storied history in Newport Beach. And since she joined about a month ago, about 65 agents have transitioned with them from side. So we’re extremely excited of what the Boost program is delivering as we imagined it. The second program that I’m extremely excited and energized around is eXp Exclusives.
We launched it on October 3rd, and we’re getting thousands of downloads from our agents. It goes without saying that I’m a firm believer that the highest form of marketing a property is exposing it to many eyeballs as possible through the MLS and syndicating some portals. But with that said, we understand that there are situations where sellers may not want to enter a property to the MLS, due to restrictions and showing it with unique scenarios. For example, a new construction property that’s not safe to enter, a tenant occupied property, where the seller doesn’t want people coming on the door and disrupting their tenants. So, our agents have asked. I would say that that was a number one requested, technology feature, whatever we want to categorize it at since I joined the company.
And we are living through unprecedented times. The low inventory is something that hasn’t been seen in recent history. So, eXp Exclusives is a example of we are iterating fast and helping to serve our customers, which are the agents with the best class of tools so they can serve their customers, the clients. So I want to quickly give you guys an update on Revenos. That is the corporate referral program that I announced about this time last year, that’s gaining fantastic momentum since we launched it. While still early, we are building tremendous traction, as evidenced by year-over-year traction growth of 84% in closings and about a 5x growth on the top of the funnel in the referrals. Revenos is helping us to better monetize our transactions, while adding incremental margin.
And although it is still early, I am excited about the growth trajectory of the solution. Most of what I have discussed in this slide is still early days. But, what’s exciting that we can see on this next slide is that we are starting to get the recognition that we should for our size and scale. I think for the first chapter of our story, we’ve been known for our organic growth model. And a lot of times agents just saw us focusing on recruiting. But it goes without saying, we are now the leader in so many categories. We are the number one growth leader in year-over-year sales volume, transaction volume and agent count by key 360, number one in size, number one top mover in size and sales volume. And we are the number one independent brokerage according to RealTrends 500.
And we are the number one brokerage in transactions and sales volume by the Power Broker list. And it’s nice to be recognized by our industry for all of our hard work. I am excited about all the new agents and teams and independent brokers that are joining, while adding to this momentum and building in this time, that’s so important to the future of our growth. So with that, I will hand it over to Jeff to discuss our third quarter financials before opening up the call for questions-and-answers with everybody. Thank you.
Jeff Whiteside: All right. Thank you, Leo. Thank you, Glenn, Denise. Appreciate it, and thanks for everybody joining us today. I am going to take you through our business financial highlights for the third quarter and provide more details on the third quarter by business segment before we open up the call to questions. So if we just stay with the first page there. In the third quarter, we continued to grow agents and now over 89,000 agents worldwide. As Glenn mentioned before, our NPS score increased to 74 from 71, which is a big deal for us as a company, and that’s what we pay really close attention to. And that’s how we run our company. International has the best quarter ever, growing 47% over Q3 last year. And we made further progress.
You will see when you see the EBITDA numbers towards getting a breakeven in international. So it is getting more profitable as time goes on. Adjusted EBITDA was up 53% and we generated a positive GAAP net income during the quarter. We continue to run the business with zero debt, and we ended the quarter with a $120 million in cash. So, we pretty much started the year with about a $120 million of cash. We went through a year — a much lighter year from a volume standpoint, and we’re still at that $120 million cash number. Turning to our core North American Realty segment. Adjusted EBITDA was — it was up 21% year-over-year to $27 million. And we talked about this quite often through the years, is that, we’re very fortunate to have such a strong business that enables us to grow the platform and continue to strengthen our agent value proposition.
So, they’re still doing extremely well and continue to grow. And as Glenn mentioned also, very difficult challenging market. And so the overall, results of the company we’re very proud of. If we go to the next page, please? And we look at some of the market conditions. So just a couple comparables before we get into our specifics on our numbers. In Q3 2023, total home sales declined 15%. So, if we compare that decline of 15% to our U.S. residential sales transactions, we declined at 9%. And then, if you look at our North American business, which includes the U.S. and Canada, we declined at minus 6% versus that minus 15%. So, we are doing better than the market. Obviously, we want to get back on a higher growth rate, but compared to the market we’re doing well.
Additionally, when we think about real estate agent count, the NAR statistic that we see is that the agent count decline 1.3%. And our year-over-year increase in U.S. was 2%. And our overall year-over-year increase was 5% on a global basis. If we look at the eXp World Holdings level, net income was $1.3 million, decreased 69% year-over-year compared to third quarter of last year. But that was entirely based on a tax benefit that we get in this quarter of this year. So last year we were basically break even in the quarter. So this year we’re at $1.3 million of net income, and operating income was $1.9 million and that actually reflected a 15 basis points year-over-year operating margin expansion. We also generated $19 million of adjusted EBITDA in the quarter driven by North American Realty.
And adjusting operating cash flow was $56.7 million for the quarter. So now what I’m going to move over now is to review our quarter financials by segment. And on this slide, you can see our Q3 2023 segment revenue and adjusted EBITDA for each of our four business segments. And we break out our corporate allocations on the far right. Our North American Realty segment, again, a primary driver of revenue at $1.2 billion. The North American Realty segment remained profitable on adjusted EBITDA basis of $27 million. International Realty as I mentioned before, we had another record quarter increasing revenue by 47% year-over-year, and then a positive 43% year-over-year variance in adjusted EBITDA. And that kind of shows you that we’re getting towards that breakeven status that we’re looking for.
Virbela contributed modest amounts of revenue and improved its EBITDA loss by approximately $1.9 million. The other segment, which is primarily SUCCESS, also contributed modest amounts of revenue as it continues to build out their programs. On the next slide, I’ll review our financial details on a consolidated basis. So, we mentioned the NPS at the top going from 71 to 74. Our units sold were up 1%. Our total units sold were up 1% year-over-year at 139,480, while our price per unit and our volume were both down 4%. Our revenue was $1.214 billion versus $1.239 billion, a decrease of minus 2% year-over-year. Gross margin dollars decreased by 10% while our gross margin percentage decreased by minus 8%. SG&A decreased minus 12% due to reallocation of our agent growth incentives that we’ve talked about through the last couple quarters, and a slow-down in our hiring.
Net income decreased, as I mentioned before, but that was primarily driven — solely driven by a tax benefit that we got in Q3 of ‘22. We generated $19 million of adjusted EBITDA, adjusted operating cash flow of $56.7 million, and we ended the quarter with $120.1 million in cash and cash equivalents. Finally, we repurchased $55.9 million of stock during the quarter. Now, I will take you through our 2023 year-to-date results by segment. So this is a year-to-date chart, the same four segments and the corporate eliminations. And you’ll see on a year-to-date basis, our North American Realty is down 10% compared to the first nine months of 2022 with over $3.2 billion in revenue and $82.5 million of adjusted EBITDA. International Realty revenue is up 44% year-to-date to a record, $37.6 million.
