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US housing market decline to worsen in 2023, Goldman Sachs warns

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Goldman Sachs has warned that the housing market downturn will get worse in 2023 when home price growth will reach a stall.

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.

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