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IPFS News Link • Housing

US home sales will keep falling through 2023, Redfin says:

• Business Insider - Markets

-Redfin said it expects home sales to keep falling through 2023, as it laid off 13% of its workforce.

-US housing companies are "in the jungle" now, its CEO said, as buyer demand falters.

-Rising mortgage rates and high inflation are key pressures pulling down the number of home sales.  

Redfin expects home sales to keep falling through 2023, leaving housing companies to negotiate a "jungle" of uncertainty longer than once anticipated. 

The real-estate company laid off 862 staffers, or 13% of its workforce, on Wednesday against the backdrop of a deteriorating US housing market.

The decline has been triggered by high inflation and rising interest rates, which have lifted borrowing costs. That's put pressure on homebuyer demand and home prices, which have both taken a hit this year.