Redfin CEO predicts long-lasting sales slump as housing market hits 'rock bottom'

Redfin CEO Glenn Kelman predicts that the US housing market has hit "rock bottom" and the sales slump will persist for a long time. High mortgage rates and prices have severely impacted affordability for buyers, leading to a freeze in the market. The supply shortage and rising home prices have been exacerbated by high mortgage rates, discouraging both buyers and sellers. Existing home sales have plummeted, and the few homes hitting the market are mostly from homeowners who are selling out of necessity. Kelman warns that the sales slowdown will continue until mortgage rates improve, but with central bankers focused on inflation, it is unlikely to happen in the next year.