Wells Fargo's Monthly Real Estate Agent Survey—No Change in Trend, No Change in Positioning

Research evidence excerpt

Wells Fargo's Monthly Real Estate Agent Survey—No Change in Trend, No Change in Positioning

Equity Research

Multi Company Update — May 18, 2026

Building Products

Distributors

Homebuilders

Wells Fargo's Monthly Real Estate Agent

Survey—No Change in Trend, No Change in

Positioning

Our Call Sam Reid

We're not looking to make waves w/ our April agent reads: we picked up on a bit less Equity Analyst | Wells Fargo Securities, LLC

Sam.Reid@wellsfargo.com | 727-512-3872

pessimism in April, but on the whole, nothing to get excited about. With no inflection in

James Feldmantrend, the call remains the same: OW move-up; still to early to buy beta.

Equity Analyst | Wells Fargo Securities, LLC

James.Feldman@wellsfargo.com | 212-214-5328

Big picture. To cut to the chase, we picked up on few if any inflection pts in this month's Zachary Fadem, CPA

agent survey; yes, builder incentives appear to have stabilized (good) and the mix of Equity Analyst | Wells Fargo Securities, LLC

agents indicating their markets are seller-friendly stepped up +5pts m/m to 49% (+13pts Zachary.Fadem@wellsfargo.com | 212-214-8018

vs Feb; also good). But 78% of agents are seeing either worse-to-neutral trends vs normal Eric Cohen, CFA

seasonality (only 22% = 'better' vs normal); we see no reason to underwrite a step-change Associate Equity Analyst | Wells Fargo Securities, LLC

in positioning. In this tough 'hood, OW TOL. Eric.Cohen@wellsfargo.com | 212-214-8061

Conor Peaks

Add'l survey takes. Check out Ex 1 heat map (& Ex 6-15 for individual chart outputs); Associate Equity Analyst | Wells Fargo Securities, LLC Conor.M.Peaks@wellsfargo.com | 212-214-8281

quick takes from the ~50 agents we surveyed: 1) 22% of agents called out 'better' vs