Read previewThe housing market may be starting to turn a corner, offering frustrated buyers a chance to jump back into the market after a long stretch of dismal prospects.
"We think the housing market is going to improve over the next half of a year," Glenn Kelman, the CEO of Redfin, in a recent interview.
Inventory is risingMore inventory is finally trickling into the housing market, which could help push prices down.
Elevated mortgage rates are a key problem in today's housing market, as they deter both buyers and sellers from making deals.
Rates dropping to 5%-6% would make the housing market "explode," but even a 6.5% 30-year mortgage rate would be enough to make the housing market "very strong," Reffkin said.
Persons:
—, Glenn Kelman, That's, Robert Reffkin, Reffkin, Freddie Mac, Redfin's Kelman, Kelman, Compass's Reffkin
Organizations:
Service, Business, National Association of Realtors, CNBC
Locations:
Reffkin, Texas, Florida