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Cloud infrastructure and IT outsourcing organic revenue declined 7%, an improvement from double-digit declines we saw in the prior three quarters due to a significant resale transaction delivered in the quarter. Modern Workplace organic revenue declined year to year in the mid-teens impacted by resale revenue, which was down 30%.
To accomplish this, we are going to continue the full implementation of our operating model, establishing global offerings with full responsibility for offering development, delivery, solution design, and P&L accountability. In addition, we will sharpen our sales execution through a geographic market-based sales team. year to year.
The thing I want to follow up about though, is that there's also a lot of fish staying out of the water because it's a real pain to be a publiccompany and there's a lot of private equity firms keeping these smaller companies private. They're not doing a ton of flashy press releases, but there's still great companies.
During the first quarter, essentially all of our mortgage company's loan originations related to homes closed by our homebuilding operations and our mortgage company handled the financing for 78% of our buyers. FHA and VA loans accounted for 57% of the mortgage company's volume. I've -- we've seen you look at some deals.
And in our strategic accounts, we actually averaged 130%. And in strategic accounts, we averaged 124%. Industrial resales were 962 million. In fiscal '24, we expect industrial resales to be down low single digits year on year. Consolidated renewal rates averaged 119% over expiring contracts. Revenue in fiscal 2023 was 7.6
The reduction to our cash incentives accounts for an additional 43 basis points improvement for an aggregate of 57 basis points of improvement in total agent economics, 57 basis points of improvement in total agent economics. million annual resale transactions in time. million to 5.5 I am cautiously optimistic about 2024.
And I went to Seattle and called on a little company called Microsoft and learned everything I could about technology. Sun Microsystems was the hot ticket at that point in time, and I talked business week into buying me an Apple computer and signing me up for an AOL account. 00:54:23 [Speaker Changed] The company itself.
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