The latest CNBC Housing Market Survey reveals that nearly half of U.S. real estate agents now perceive the market as balanced between buyers and sellers. In the second quarter of 2026, 44% of surveyed agents reported seeing this even playing field, a notable increase from 30% recorded in the third quarter of 2025 when CNBC started its quarterly polling. This shift comes after several years of tight inventory and high prices, suggesting that conditions are becoming more favorable for both parties depending on factors like location, home condition, and price range.

Agents also noted a significant reduction in price cuts compared to previous quarters. Only 57% of real estate professionals reported at least one price reduction on their active listings during Q2 2026, down from 89% in Q3 2025. Sellers appear to be adopting more realistic pricing strategies, which has helped stabilize home prices. Although prices remain marginally higher than the previous year, the average asking prices have fallen by 2.5% year over year, marking the largest annual decline since Realtor.com began tracking in 2017. This has resulted in faster sales of correctly priced homes and fewer contract cancellations.

Despite more balanced market dynamics, mortgage rates have become the predominant concern among buyers and agents alike, surpassing previous worries about the broader economy or inventory shortages. After a brief decline earlier in the year, 30-year fixed mortgage rates climbed again to around 6.6%, dampening optimism. While inventory has improved slightly, with a 2% year-over-year increase in June, the market remains lean compared to the post-pandemic boom when listings were far lower. Agents continue to urge clients to focus on local market data rather than national headlines amid these fluctuations.

Looking ahead, real estate agents are less confident about near-term sales growth. Only 19% expect an improvement in sales next quarter versus 48% in late 2025, with most predicting stable activity. The persistence of elevated mortgage rates appears to be the main factor restraining buying enthusiasm and market momentum. Nonetheless, as Jeremy Kane of EXP Realty in Denver suggests, the balance between buyer and seller leverage varies widely by neighborhood and home, signifying that local conditions will continue to drive opportunities in the evolving U.S. housing market.