Goldman Sachs projects home prices to climb by 1.8% this year amid housing shortage
What is the current state of the housing market? Lawrence Yun with the National Association of Realtors joined LiveNOW from FOX's Josh Breslow to discuss the latest.
In a note to clients this week, the Goldman analysts estimated that home prices will rise by 1.8% this year because of limited inventory and stronger-than-expected demand. Even though mortgage rates are nearly double what they were three years ago, home prices have hardly budged. That is largely due to afor sale. Sellers who locked in a low mortgage rate before the pandemic began have been reluctant to sell, leaving few options for eager would-be buyers.
The housing shortage has only served to boost consumer demand, which is keeping prices uncomfortably high despite the highest mortgage rates in two decades. aggressive interest-rate hike campaign sent mortgage rates soaring above 7% for the first time in nearly two decades last year. But even though rates have been slow to retreat, home prices are once again on the upswing as buyers adjust to the new rates.
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