Elon Musk said home prices will crater - and it prompted a sharp rebuttal from the CEO of housing giant Redfin
tweet"But the loss in demand for commercial real estate is what's driving demand for residential real estate. People who work from home need more space at home. Sales volume is down because inventory is down. Today, home prices increased for a second straight month."The remote-work boom and waning need for office space has led to many vacant commercial real estate buildings, which Musk's initially referred to.
On an annual basis, home prices are down 2.2%, Case-Shiller data shows, with the West Coast seeing declines and the East Coast seeing price increases. The outlook for home prices is hazy. Zillow has said that home prices have already bottomed, while Moody's and Fannie Mae still expect prices to drop further.
To be sure, the Tesla chief's concerns aren't unique. Other economists and commentators have raised similar alarms about the Federal Reserve's rapid interest rate hikes, and
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