‘Strongest Buyer’s Market’ In A Decade: Redfin CEO On Falling Home Prices | Glenn Kelman

Summary

Glenn Kelman, CEO of Redfin, tells David Lin that the 2025 housing market is the strongest buyer's market in over a decade, with elevated inventory, more sellers than buyers, frequent cancellations, and downward pressure on prices. He sees sharp regional divergence: Midwest markets like Milwaukee, Cleveland, Pittsburgh, and Detroit are affordable beneficiaries, while pandemic boom markets in Texas and Florida face gluts and falling prices. Kelman also discusses builder caution, tariffs and supply costs, Fannie/Freddie policy, the K-shaped economy, and why single-family homes are preferred over condos. He calls the 2026 outlook uncertain and tied to mortgage rates, tariffs, jobs, and inflation.

• Redfin CEO Glenn Kelman says summer 2025 was the strongest buyer's market in a decade, driven by high inventory and more sellers than buyers.
• Home prices are up about 2% year-over-year but falling in real terms; Texas and Florida markets are seeing actual price declines.
• Midwest markets such as Milwaukee, Cleveland, Pittsburgh, and Detroit are attracting migration due to affordability.
• Single-family homes are preferred over condos and townhouses, which are more volatile and weaken first.
• Builders are cutting prices, facing tariff-related costs, and reporting unreliable new-home sales data.
• Glenn opposes privatizing Fannie Mae and Freddie Mac and favors easing tariffs on housing-related supplies.
• The K-shaped economy favors luxury segments while lower-income and service workers struggle, and apartment rents are starting to rise as construction slows.
• The 2026 outlook is uncertain, dependent on whether tariffs cause inflation, how far the Fed cuts, and whether jobs hold up.