The US housing market has been slowing down in the past few months as interest rates continue to climb.
“We expect home price growth to stall completely, averaging 0% in 2023,” Goldman strategist and economist Jan Hatzius wrote in a memo to clients. “While outright declines in national home prices are possible and appear quite likely for some regions, large declines seem unlikely.” Despite strategists predicting a small decline in home prices over the next year, prices are expected to remain high due to inflation and a limited inventory of homes.
In summary, considering all the factors, Goldman predicts a 22% decline in new home sales before the year is over, a 17% drop in existing home sales and 8.9% in the overall housing GDP.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Source: FoxBusiness - 🏆 458. / 53 Read more »