In the CNBC Housing Market Survey, real estate agents reported a notable shift toward a more balanced market between buyers and sellers in the second quarter. The survey, conducted with responses collected between June 23 and June 30, shows 44% of agents observing balance, up from 30% in the prior quarter when CNBC began its quarterly survey. This marks a meaningful change after several years of a lean and pricey housing market.
Market balance is evident across different home types and neighborhoods, agents said. “It certainly feels like, depending on the home, depending on the neighborhood, depending on the condition and the price point, that both the buyer and the seller do have a little bit of leverage,” commented Jeremy Kane, an EXP Realty agent based in Denver. The CNBC Housing Market Survey is a national inquiry of real estate agents selected randomly across the United States.
Responses for the second-quarter survey were collected from 53 agents. The results come as home sales in May were up slightly, by 3% from the same month last year, driven by increased supply and easing prices, according to the National Association of Realtors. Agents noted that sellers are pricing more realistically, reducing the sharp price leaps seen earlier in the pandemic period. “No one really seems to be fighting me much on price like they used to,” said Bruce Jones, a Compass agent in Nashville, Tennessee. He added that while prices haven’t fallen dramatically, they have plateaued and moves happen when priced correctly.
The share of agents reporting at least one price cut to active listings dropped substantially in the second quarter, to 57% from 89% in the third quarter of 2025. Still, home prices remain slightly higher than a year earlier, rising just under 1% per the S&P Case-Shiller national home price index. June’s asking prices were down 2.5% year over year, according to Realtor.com, the largest annual drop since the data began in 2017 and marking the eighth straight month of declines.
Real estate marketing and pricing dynamics reflect evolving seller expectations. Martha Thorn of Coldwell Banker in Tampa, Florida, emphasized the need to price properties correctly to secure a sale: “I always tell sellers that I’m in the business of selling homes, not storing them, and so you really need to put a property at the right price in order to get it sold.” With prices more aligned to current market conditions, contract cancellations also fell, as did the share of buyers’ concerns about mortgage rates and prices relative to the broader economy.
Other indicators show inventory and market activity shifting toward balance. Mortgage rate volatility, inventory concerns, and local market conditions continue to shape the housing landscape. Inventory in June rose modestly, and new listings increased, supporting the lean-but-improving backdrop in many markets. The survey also captured sentiment about future sales: 19% of respondents expect sales to improve in the near term, while 67% anticipate sales staying roughly the same.
Overall, the national housing market is moving toward balance, though conditions vary significantly by location. Analysts point to a mix of regional strength and continuing rate sensitivity that will influence buyer and seller behavior in the months ahead.
