The David Frum Show Why Housing Feels Hopeless
Aug 13, 2025
Glenn Kelman, CEO of Redfin and co-founder of Plumtree Software, discusses the dismal state of the U.S. housing market. He explains how pandemic-era mortgage rates have paralyzed both buyers and sellers, leaving many young people unable to purchase homes. The conversation dives into essential topics like zoning reform, immigration, and the aging of first-time homebuyers. Despite the challenges, Kelman remains hopeful for a brighter future if America can relearn how to build effectively.
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Rate-Locked Inventory Created Market Freeze
- The market is in an unhappy inflection where both buyers and sellers are frustrated because rates and inventory misalign.
- Pandemic buyers with low locked rates collide with buyers who must borrow at high rates, freezing turnover.
Historic Low Sales With Rising Days On Market
- Sales volume is historically low and many listings are now staying unsold for long periods.
- Housing markets may soften further, which could relieve younger buyers but worries existing owners.
Florida As A Volatile Real Estate Example
- Florida faces a triple whammy: storm-driven insurance spikes, past price rises, and a slowing in-migration.
- Condos and some markets in Florida are now very hard to sell, hurting the local economy.
