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Wells Fargo economists say housing downturn still in ‘early innings’ - San Francisco Business Times

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In banking news, WellsFargo economists say they expect nation's median existing single-family home price to fall in 2023

Wells Fargo’s economics team holds out little hope for a housing recovery anytime soon after a year that saw mortgage rates more than double.

The national median existing single-family home price is expected to fall roughly 5% in 2023, according to the Wells economists. However, they expect home prices to remain above the average levels seen in 2021 based on expectations of resilient housing demand. Still, the economists see the prospect that sidelined homebuyers could jump into the housing market, especially if rates start falling.

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Wells Fargo economists say housing downturn still in ‘early innings’ - San Francisco Business TimesIn banking news, WellsFargo economists say they expect nation's median existing single-family home price to fall in 2023
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