For the quarter, total sales volume was $7.4 billion across 1,361 transactions, down 59% and 39%, respectively. Year-to-date, revenue from real estate brokerage commissions was $415 million and accounted for 87% of total revenue. compared to $934 million last year, a decrease of 56% year-over-year. Year-to-date sales volume was $22.1 billion across 4,062 transactions, down 60% and 43%, respectively. Average transaction size during the third quarter was approximately $5.5 million as compared to $8 million a year ago. reflecting the sharp decline of larger transactions. Within brokerage, for the quarter, our core private client business contributed 65% of brokerage revenue or $91 million versus 57% last year. Year-to-date, the Private Client business contributed 67% of brokerage revenue or $278 million versus 57% again last year.
Middle Market and Larger Transactions, which experienced outsized growth over the past couple of years together accounted for 31% of brokerage revenue or $43 million during the quarter, compared to 41% last year. Year-to-date, Middle Market and Larger Transactions represented 29% of brokerage revenue or $122 million compared to 40% last year. For the quarter, private client, Middle Market, and Larger Transactions declined 45%, 60%, and 67%, respectively, and year-to-date declined 48%, 64%, and 70%, respectively. Revenue in our financing business, including MMCC, was $17 million in the third quarter compared to $28 million last year. In the quarter, we closed 276 financing transactions totaling $1.9 billion in volume compared to 518 transactions for $3.3 billion in volume in the prior year.
Financing revenue year-to-date was $51 million compared to $91 million last year. This represents 839 transactions, totaling $5.3 billion in volume compared to 1,735 transactions and $10.4 billion in volume last year. Other revenue, comprised primarily of consulting and advisory fees, along with referral fees was $5 million in the third quarter compared to $3 million last year. Year-to-date, other revenue was $13 million this year, flat compared to last year. Moving on to expenses. Total operating expenses for the third quarter were $177 million, 39% lower than last year. Year-to-date, total operating expenses were $522 million, 43% lower compared to the prior year. Lower expenses were largely a result of lower revenue. Cost of services was $105 million or 64.6% of total revenue, a decrease of 254 basis points over the third quarter last year.
Year-to-date, cost of services was $301 million or 62.8% of total revenue, an improvement of 169 basis points compared to last year. SG&A during the third quarter was $69.2 million, a decrease of 5.2% over the prior year. Year-to-date, SG&A was $210.3 million, a decrease of 7.5% compared to last year. The decrease in SG&A was attributed to lower variable compensation tied to business performance impacted by market conditions, along with cost reduction actions implemented over the past nine months. This was offset in part by expenses related to talent acquisition and retention as well as new business development and marketing support. As discussed previously, the combination of lower revenue and the fixed nature of certain expenses associated with the expansion of our sales force, technology, and infrastructure in recent years continues to impact our profitability.
During the third quarter, we reported a net loss of $9.2 million or $0.24 per share. This compares with net income of $21.4 million or $0.53 per share in the previous year. Year-to-date, net loss totaled $23.8 million or $0.61 per share compared to net income of $96.3 million or $2.39 per share in the prior year. For the quarter, adjusted EBITDA of $36.6 million in the prior year. Year-to-date, adjusted EBITDA was negative $15.1 million compared to positive $151.4 million in the prior year. The effective tax rate for the quarter was 18%, and our current expectation that the effective tax rate for the full year is approximately 17%. Turning to the balance sheet. We maintain a well-capitalized debt-free position with cash, cash equivalents and marketable securities totaling $411 million, up modestly from the prior quarter total of $407 million.
