Realogy Franchise Group President & CEO Alex Perriello kicked off RISMedia’s 2013 Real Estate CEO Exchange with a State of the Industry Address: “The Road to Recovery: How Far We’ve Come, What Has Changed, and What Lies Ahead.”
As Perriello explained to the audience of approximately 150 of the industry’s top brokers and visionaries, telling market indicators, from decreasing unemployment and fewer underwater homeowners, to rising home values and increasing consumer confidence, serve as important “tea leaves” for determining the path of the nascent real estate recovery.
According to Perriello, in 2009, 6 million jobs were lost; in 2010, 8 million jobs were lost. “We’ve added back close to 6 million,” he explained. “By the end of 2014, we should be back to where we were before the recession.”
“From a national level, I believe that we are in the second year of a long-term, sustainable recovery,” he said. “If you told me we’d be dealing with multiple offers and people over-bidding on properties, I never would’ve believed it. But this is demonstrating a tremendous amount of pent-up demand. If you look at the tea leaves long term, this demand will sustain the recovery.”
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We see specifically in the Phoenix Valley that prices continue to climb and supply is still tight. There are a few signs that growth is slowing from its frantic pace of 18.8% appreciation, but it is still strong. See the updated chart from the Cromford Report below.