The tech billionaire has warned of a massive meltdown in the country’s real estate sector © Getty Images / Newsday LLC

The US commercial real estate sector is under intense pressure, which is soon likely to sp

Some, however, argue that the situation in the US residential real estate market is not as dire as Musk says. In response to his tweet on Monday, Glenn Kelman, the CEO of Redfin, a Seattle-based operator of a residential real estate brokerage, tweeted: “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.”

According to the seasonally adjusted Case-Shiller National Home Price Index, US home prices have fallen 2.2% from June 2022. However, the situation differs from state to state, with cities across the Midwest and the East Coast recording prices near all-time highs.

For more stories on economy & finance visit RT’s business section