Realogy Holdings Corp. CEO Richard Smith says home prices in many markets have a long way to run before they return to fair value, and that rising mortgage rates won’t stifle pent-up demand for homes.

Appearing on the “Executive Decision” segment of Jim Cramer’s “Mad Money” show Wednesday, Smith said top brokers are currently getting the most of the action from buyers and sellers, providing support for commissions. But Smith expects that as new brokers enter the business, they’ll accept smaller commissions, lowering the industry average.

Agents working at Realogy company-owned brokerages and brokerages that are affiliated with Realogy franchise brands like Century 21, Coldwell Banker, ERA and Better Homes and Gardens Real Estate are involved in about 1 in 4 home transactions. Source:

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