Why the Housing Market is Slowing Down

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Goldman Sachs analysts led by David Kostin said they expect the median existing-home price in the U.S. to be "essentially unchanged" in 2023, compared with 2018.

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"We forecast that the median existing-home price will increase at a modest pace over the next five years, reaching $269,000 in 2023," the analysts wrote. 

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"This represents a 1% compound annual growth rate (CAGR) from the 2018 median price of $254,000."

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The muted home-price growth is due to several factors, including "limited affordability, tepid wage growth and limited supply growth," according to the report.

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Goldman Sachs economists say that the housing market has begun to cool, but that home sale still has further to fall.

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They also say that prices will grow less quickly in the coming years. 

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This is due to factors such as limited affordability and tepid wage growth.

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