Redfin CEO: U.S. Housing Market at 'Rock Bottom' Due to High Rates and Lagging Home Construction

Redfin CEO Glenn Kelman warns the U.S. real estate market is at "rock bottom" and relief is uncertain in 2024.

Kelman says high interest rates have caused 20-25% of deals to be canceled in recent weeks as rates topped 7.5%.

He argues the core issue is millennials owning less than 20% of wealth entering home-buying age versus 30% for baby boomers.

Kelman says creative financing like 1% down payments just delay the inevitable - more houses need to be built.

He notes red states like Florida and Nevada lead in home building through low regulation and working with builders.