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The housing market can’t get much worse from here, according to Redfin CEO Glenn Kelman.
High mortgage rates and high prices have crushed affordability for buyers.
The market is in a freeze and the sales slowdown that will last for a “long time,” Kelman warned.
The only good thing right now about the US housing market is that it can’t get much worse from here, according to Redfin CEO Glenn Kelman.
The head of the real estate listing site pointed to tough market conditions over the past year, with affordability plunging to an all-time-low, according to Goldman Sachs’ housing affordability gauge.
That’s the fault of high mortgage rates, which have raised the cost of borrowing for prospective homebuyers, while also discouraging potential sellers from listing their homes. That’s exacerbated the supply shortage and pushed up home prices even as demand falls due to higher rates.
The median sales price for a single-family home inched back closer to its…
2023-09-27 20:32:46
Source from finance.yahoo.com