HARSH REALTY: Housing market downturn to worsen in 2023, Goldman Sachs warns
National Association of Home Builders CEO Jerry Howard discusses the sinking housing stock markets in response to Federal Reserve Chair Jerome Powell’s signal for another rate hike.
The analyst note comes as painfully high inflation and rising borrowing costs have forced potential homebuyers to pull back on spending. But even as home sales decline, prices remain high because supply is still so limited. With mortgage rates soaring and a growing number of potential buyers backing out of deals — andto the lowest level in two years — builders have become increasingly reluctant to build new homes, keeping prices high.
In all, Goldman projects sharp declines this year in new home sales , existing home sales and housing GDP . It projects further declines in 2023, including another 9.2% decline in housing GDP next year.
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