Source: The Cryptonomist —
US: housing market shows no signs of recovering
The recession is ascertained, but one fact that certifies the severity of the event and worries markets is that highlighted by Goldman Sachs researchers who published “The Housing Downturn: Further to Fall”, a report on how the US housing market has stalled after a tentative boom during the pandemic period.
The investment bank writes that the drop in new home sales this year will be 22%, the drop in existing homes will be 17%, and housing GDP will register -8.9%.
Goldman Sachs’ views
Goldman Sachs, as for 2023, predicts that the downturn in the housing market will have no respite and new home sales will decline by an additional 8% from this year, existing homes will drop by another 14%, and housing GDP will drop another 9.2%.
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