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Real estate brokerage giant predicts 'tough' market for remainder of 2023

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Redfin CEO Glenn Kelman said the real estate market is at a 'standstill.'

stays struggling as recent data from the National Association of Home Builders indicated builder sentiment dropped six points from July to August.

A"for sale by owner" sign stands outside a home in LaSalle, Illinois, U.S., on Friday, June 7, 2013. FOX Business correspondent Madison Alworth shares why for many first-time homebuyers, the American dream is delayed as a result of high mortgage rates and home prices on 'Varney and Co.' "It's permitting times," he clarified. "Our builders are happy to go through the permitting process, that's part of the land development process. But does it really need to take six months to do it? Does it really need to take cost overruns? Does it need to take revision after revision after revision? Those are the things that drive our members crazy. Those are the things that slowed down the construction of homes.

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Real estate brokerage giant predicts a 'tough' market for remainder of 2023With U.S. home sales volume at 'rock bottom,' little construction and rising mortgage rates, Redfin CEO Glenn Kelman warns the real estate industry will have 'a tough 2023.'
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