Cities that experienced a housing boom during the COVID-19 pandemic are due for setbacks.
The largest decrease in home prices will occur in Austin, where values are projected to slump 19% by late 2024 compared to late 2022, according to the note. Prices are expected to sink in Phoenix by 16%, San Francisco by 15% and Seattle by 12%.
On a national level, home prices are expected to plunge by 6.1% this year as the housing correction plays out, according to Goldman.
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