July 12, 2024

Double-digit home price drops – Goldman Sachs

home price drops - Arizona real estate market

In data out from the giant investment banker Goldman Sachs, they feel the current housing slump will deepen as we get further into 2023.

Home price drops

Home price drops - San Diego 4Br. home for sale

Goldman Sachs put out data on the housing market in 25 of the largest metropolitan areas in the country. Out of these areas, they flagged four cities as having the highest potential for double-digit Market declines in the housing market.

Goldman Sachs is saying that by the fourth quarter of 2024, they expect home prices to fall 19% in Austin, 16% in Phoenix, 15% in San Francisco, and 12% in Seattle.

Regionally, the West Coast and Southwest have been hit with an oversupply “reflecting local challenges, particularly very poor levels of affordability, pandemic-related distortions, and in certain markets a high concentration of employment in the technology industry,” Goldman Sachs noted.

Home price drops

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