There's a reason sellers have had such a huge advantage over buyers over the past few years.
Hide CaptionCould a more balanced housing market be around the corner? Here's what that means for homebuyers and sellers.There's a reason sellers have had such a huge advantage over buyers over the past few years. The real estate market has lacked inventory in a very big way. Meanwhile, the supply of available homes began to dwindle at a time whenbegan falling to record lows. That sparked a huge gap between supply and demand that drove home prices way up.
Sellers have still enjoyed their fair share of gains this year. But home price gains are clearly slowing. In August, for example, home prices rose 13% on a year over year basis, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. But that's a slower pace than what sellers enjoyed in months prior.
Meanwhile, investment banking giant Goldman Sachs recently issued a warning about the housing market. Specifically, it expects the market to slow sharply in the coming months as buyer demand wanes.Goldman Sachs expects home price gains to stall completely and average 0% in 2023. That's not the best of news, as it could mean that sellers will end up walking away with a lot less money in the coming year.
Why such a gloomy outlook? It has to do with the laws of supply and demand. The whole reason home prices soared in 2020 and 2021 is that the real estate market didn't have enough inventory to meet buyer demand.
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