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Redfin CEO: Housing market has 'significantly improved in January'

Redfin CEO Glenn Kelman says "we're not out of the woods yet" on the housing market, but there are signs of significant improvement.

You can see the full interview here.

Key Video Takeaways

00:00 On reasons for optimism

00:10 On the top of the market

00:19 On increase in offers.

Video Transcript

GLENN KELMAN: Well, there are a few reasons for optimism. We're not out of the woods yet, but the market significantly improved in January. So Redfin, just to establish our credibility, called the top of the market on March 15th of 2022. We said that interest rates would bring the market down.

But now, we're seeing increased touring activity, more purchase applications, more offers being made over the past few weeks. It's still down from pandemic highs. But in November, we were off 30%, 35%. Now, in January, we're only down 15% to 20%. So that's a significant improvement when you look at year-over-year numbers.

And then the purchase applications for the week of January were up, which was a surprise-- pending sales for December also up, a surprise. So it was a very weak market in Q4. It's significantly better now in January. Time will tell if rates are going to stay down.