Wells Fargo's Monthly Real Estate Agent Survey -- There's Always Spring '27; Final LEN Reads into EPS

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Wells Fargo's Monthly Real Estate Agent Survey -- There's Always Spring '27; Final LEN Reads into EPS

Equity Research

Multi Company Update — June 4, 2026

Building Products

Distributors

Homebuilders

Wells Fargo's Monthly Real Estate Agent

Survey -- There's Always Spring '27; Final LEN

Reads into EPS

Our Call Sam Reid

May was bad. Agent sentiment took a sharp leg down & mix of 'buyer-friendly' mkts Equity Analyst | Wells Fargo Securities, LLC

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

spiked. Sellers/builders are cutting price, a bad sign at this pt in the yr & confirmation

James Feldmanspring '26 was likely a bust & not an upbeat read into LEN next wk (Ex 2).

Equity Analyst | Wells Fargo Securities, LLC

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

Big picture. Early intrigue on BRK's bet on builders (TMHC) has faded based on our Eric Cohen, CFA

inbounds. Now fundamentals matter again; based on our survey, they're weak. Virtually Associate Equity Analyst | Wells Fargo Securities, LLC

every metric we track (sentiment, mix of seller friendly mkts) stepped down in May Eric.Cohen@wellsfargo.com | 212-214-8061

vs April, and a majority of agents (54%) cited higher builder incentives, +12pts m/m & Conor Peaks

+15pts y/y. Not great spring referendums. Add in weak data from our May builder scrape Associate Equity Analyst | Wells Fargo Securities, LLC

& we expect mixed builder reads at our industrial conference next week. Conor.M.Peaks@wellsfargo.com | 212-214-8281

Garrett FitzSimons

Add'l survey takes. Check out Ex 1 heat map; quick takes from ~50 agents we surveyed: Associate Equity Analyst | Wells Fargo Securities, LLC Garrett.Fitzsimons@wellsfargo.com | 212-214-8069

1) 14% of agents stated “better” vs seasonal norms & 48% noted “worse”; spread notably