44% of agents now see a balanced housing market, CNBC survey finds

The U.S. housing market is shifting toward balance: 44% of real estate agents in CNBC's second-quarter Housing Market Survey said conditions now favor neither buyers nor sellers equally, up sharply from 30% when the quarterly poll launched in late 2025. More supply, softer asking prices, and realistic seller pricing are easing the pandemic-era seller skew—even as elevated mortgage rates near 6.6% keep sales expectations muted.

After several lean, pricey years, agents across the country are reporting a market that feels more even-handed. CNBC collected responses from 53 randomly selected U.S. agents between June 23 and June 30, offering a national snapshot of how the housing market is evolving in mid-2026.

Key Takeaways

• 44% of agents reported a balanced market in Q2 2026, up from 30% in Q3 2025.
• Agents reporting at least one price cut on active listings fell to 57% from 89% in Q3 2025.
• Realtor.com logged a 2.5% year-over-year drop in asking prices in June—the largest since tracking began in 2017.
• Only 19% of agents expect near-term sales to improve, down from 48% a year ago; 67% expect flat activity.
• National inventory stood at roughly 1.1 million homes in June, nearly double the ~614,000 available in 2023.

Why are more agents calling the housing market balanced?

Several forces are converging. May home sales rose 3% year over year, according to the National Association of Realtors, helped by more supply and easing prices. Sellers are pricing more realistically, and fewer deals are unraveling—40% of surveyed agents had at least one contract fall through in Q2, down from 51% in Q1.

Agents who reported at least one price cut on active listings dropped sharply to 57%, from 89% in the third quarter of 2025. Home prices remain slightly higher than a year ago—up just under 1% per the S&P Cotality Case-Shiller national index—but asking prices tell a different story.

Realtor.com reported asking prices fell 2.5% year over year in June, the eighth straight monthly decline and the largest drop since the company began tracking in 2017. As the Baton Rouge Business Report summarized, slower price growth and more competitive seller pricing are creating a more even playing field after years of volatility.

What does a balanced housing market mean for buyers and sellers?

In a balanced market, neither side holds all the cards. Denver agent Jeremy Kane told CNBC that depending on home, neighborhood, condition, and price point, both buyers and sellers now carry some leverage—a stark change from the pandemic bidding wars.

For sellers, right pricing is critical. Nashville agent Bruce Jones noted that correctly priced homes are moving without the heavy discounts seen recently. Tampa agent Martha Thorn echoed the message: homes priced to sell, not store, close faster.

Buyers face less frantic competition, though affordability worries dominate. Mortgage rates and home prices overtook the broader economy as agents' top reported buyer concerns in Q2, while inventory anxiety dropped sharply. For luxury buyers tracking premium segments across our Luxury Real Estate & Dream Homes coverage, local conditions still matter far more than national headlines.

Will high mortgage rates keep sales flat despite better balance?

Likely, for now. The average 30-year fixed mortgage hovered around 6.6% after peaking at 6.75% on May 19, according to Mortgage News Daily—well above the 5.99% low seen in late February before rates spiked amid March geopolitical turmoil. Agents citing mortgage rates as buyers' biggest concern jumped from 26% at year-end 2025 to 37% in Q2.

That headwind explains muted optimism: just 19% of agents expect sales to improve soon, down from 48% in Q3 2025, while 67% foresee activity staying flat. CNBC also noted wide local divergence—Houston agent Joel Eronko urged clients to focus on hyper-local data rather than national economic headlines.

Inventory offers some relief but remains historically tight. Realtor.com counted about 1.1 million homes for sale in June—up just under 2% year over year, with new listings rising 2.4%. That is far leaner than pre-pandemic norms yet a significant improvement from the post-boom trough of roughly 614,000 listings in 2023, as reported in CNBC's survey findings.