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Realogy CEO: Early Stage Housing Recovery

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  • Description

    Realogy CEO Richard Smith on the outlook for the housing market.

  • Duration 3:19
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Number of Americans signing contracts -- by previously owned homes fell last month.

Via -- largest.

In.

Year.

Pending home sales down five and a half percent annual gains still significant power for more than 14%.

Joining us now for more on the housing market Richard -- he's chairman CEO -- Realogy corporation.

A parent of number of prestigious brands including Coldwell bankers.

Country trying to one Sotheby's Richard also a member of the bipartisan policy senators housing commission working to British national housing policy recommendations.

Great to have you here I suspect some disappointment in those pending home sales on your part.

Now -- actually I mean -- -- more focused on the long term on April.

Twelve vs elevenths a 14%.

And the forecast for the year is sort of -- -- 9% and units.

And price probably up about 2% so.

You know that's not a housing decline that's early stage housing recovery.

It's an early stage housing recovery and I'm trying to think just how much that 2% might matter but as long as it's positive I would expect most folks we feel like I do.

I'll take it.

I think you will but what's -- -- about just the housing data is the macro economics.

Compel us to feel a little different.

We're a little concerned if not a lot concerned about unemployment the regulatory environment the tax environment.

But just the housing -- on a standalone basis is indicating an early stage recovery.

And that we have to depend -- -- after being in the trough for six years it's time for -- in the -- This is truly stunning I can remember when people say -- it's going to take years to come that out of the housing.

Disaster that we're going through and I'm talking about this sort of 2009 -- thought it.

They're crazy you know world that this thing wrapped up in the next year -- -- clock.

-- I'm usually far more accurate forecasters are what are -- on record.

I was sort of went wrong that -- it's observed.

I thought it was remarkable the the average month of inventory.

Typically six months as the average as a normal that's a normal market we literally have markets where you have one month.

Of inventory rim markets and Miami with weeks of inventory Phoenix Arizona.

One of the hardest -- brutally beaten up in the downturn.

You literally have less than four months of inventory in your scene and select micro markets price increases of 5101520%.

And you're getting multiple offers on the vast majority of the open contracts.

-- -- -- -- we look at pending home sales the south and and and the west hardest hit in terms of news decline in pending home sales problem month.

What were -- seeing the greatest strength by region.

Well certainly coasts.

Florida is just remarkable by any definition Washington DC and you don't operate.

We cannot keep up with business and prices are up -- 8910%.

Every American has got to be proud grow maybe there either leaving interacts or -- -- I don't know but there's a lot of activity in the activities -- Baltimore strong New York City particularly strong so the coasts are very strong.

The midwest never demonstrates a great -- volatility.

But it's good steady and reliable it's actually indicating as most markets an early stage recovery in -- -- -- -- -- --

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