Austin’s housing market is about to relive the 2008 housing crisis, Goldman Sachs says

of Austin’s real estate market, one of four cities staring down the barrel of 25 percent boom-to-bust declines, according to a memo from the firm obtained by the New York Post.

Goldman Sachs wrote to clients earlier this month that it predicts four U.S. cities – San Jose and San Diego in California, Austin and Phoenix, Arizona, will see an increase before its drastic decrease. These cities were at a higher risk of delinquent mortgage payments and could lead to a slew of foreclosures, the Post reported.

Milder price corrections are anticipated in the Northeast, Southeast and Midwest, according Goldman Sachs.with homes now spending an average of more than two months on the market, almost triple the average from a year ago. It’s the highest since March 2012 when homes took on average 83 days to sell.In 2022, the median home price in the Austin metro area increased by nearly 11 percent year-over-year, to an annual record of $503,000. But as prices rose, the number of sales decreased.

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Austin could experience 2008-style real-estate market collapse, Goldman Sachs predictsSan Antonio, on the other hand, was named of the top real estate markets to watch in 2023 in a separate study. Austin SanAntonio Texas RealEstate housingmarket
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