Goldman Sachs says mortgage rates will ‘remain elevated for the foreseeable future, dipping to just under 7% by the end of next year.’
Home prices will fall for the rest of the year due to high mortgage rates and a low supply of houses for sale, Goldman Sachs GS, +0.65% says in a new note.
Even though home prices have increased by 4.2% so far in 2023, the analysts noted, they “are likely to fall 0.8% through December for a +3.4% year-over-year increase.” Factoring in the supply of homes for sale, buyer demand, housing affordability, and home prices, the bank expects home prices to continue increasing for the next few months before “slowing sharply” and falling by the end of the year.
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