🏘 👨‍💻 Online real estate portal pioneers Zillow co-founder Spencer Rascoff + Redfin CEO Glen Kelman discussed the state of the housing industry separately this past week on CNBC with consistent themes around record low affordability and limited inventory creating a "stuck housing market" with stable prices.

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👨💻 ⏯Spencer Rascoff Co-Founder, former CEO, Zillow

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‍✅ Housing is at a standstill given high mortgage rates and low inventory, weaker sales "locked up"

✅ Supply side: 90% < 5% mortgage rate lower, 80% < 4% mortgage rate lower

✅ Demand side: 40 year low on affordability

✅ Need to wait it out, Fed gives a gift or likely pent up demand waiting for lower mortgage rates from life events driving volume

✅ Inventory somewhat fixed via new builds from homebuilders but with limited impact

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👨💻 ⏯Glen Kelman CEO, Redfin. Redfin's Outlook:

✅ Affordability at a 4 decade low

✅ New Listings have stabilized

✅ Inventory remains near record lows

✅ Rent growth still sluggish

✅ People relocating at unprecedented levels

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🛣 Overall economy is doing well versus GFC. Current soft landing with rest of economy doing well versus 2008 downturn (loss of jobs).

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🔊 Prices are going up but lower sales volume are expected to last for a long time. However, "Rock bottom sales levels and can only go higher." Historical existing sales 4 to 6MM annualized sales vs current 4MM.

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‍#sfr #housing #economy‍

‍https://lnkd.in/eZHxvPFW