Wells Fargo’s economics team holds 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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wells Fargo economists say housing downturn still in ‘early innings’ - Jacksonville Business Journal“The ongoing contraction in buyer demand means further price drops are on the horizon,' the Wells Fargo economists said.
Source: JaxBizJournal - 🏆 599. / 51 Read more »
Wells Fargo economists say housing downturn still in ‘early innings’ - Jacksonville Business Journal“The ongoing contraction in buyer demand means further price drops are on the horizon,' the Wells Fargo economists said.
Source: JaxBizJournal - 🏆 599. / 51 Read more »
Wells Fargo economists say housing downturn still in ‘early innings’ - Phoenix Business JournalIn banking news, WellsFargo economists say they expect nation's median existing single-family home price to fall in 2023
Source: phxbizjournal - 🏆 254. / 63 Read more »
Report: Jacksonville apartment competition high in 2022 - Jacksonville Business JournalThe report said Jacksonville is the country's ninth most in-demand apartment market in 2022, with 64.6% of Jacksonville apartment renters renewing their leases.
Source: JaxBizJournal - 🏆 599. / 51 Read more »
Jacksonville Zoo plans for massive projects in 2023 - Jacksonville Business JournalSee what changes will be coming to the Jacksonville Zoo and Gardens.
Source: JaxBizJournal - 🏆 599. / 51 Read more »
A look at the new animals welcomed at the Jacksonville Zoo in 2022 - Jacksonville Business JournalThere were more than a dozen new additions this year, including critically endangered species such as a baby lemur.
Source: JaxBizJournal - 🏆 599. / 51 Read more »