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Wells Fargo says home sales aren't far off from levels seen in the wake of the Great Recession

"The tepid pace of home sales can not be blamed on a recession," Wells Fargo economists wrote.
The article from Fortune, published on March 24, 2025, discusses the current state of the U.S. housing market, drawing parallels to the Great Recession. It highlights that home sales have plummeted to levels not seen since the financial crisis of 2008, with Wells Fargo reporting a significant drop in mortgage applications. The piece attributes this decline to high interest rates, which have made borrowing more expensive, and a persistent shortage of available homes, exacerbating affordability issues. Additionally, the article notes that many homeowners are reluctant to sell due to being locked into lower mortgage rates, further constricting the market. Experts cited in the article express concern that without intervention, the housing market could face prolonged stagnation, potentially impacting the broader economy.

Read the Full Fortune Article at:
[ https://fortune.com/2025/03/24/home-sales-great-recession-wells-fargo/ ]