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More real estate agents see balance
CNBC • • business
Key Points:
- Buyers are gaining leverage in the housing market, with 44% of real estate agents reporting a balanced market between buyers and sellers in Q2, up from 30% in Q3 of last year.
- Home sales increased by 3% in May compared to the previous year, supported by more supply and easing prices, while sellers are becoming more realistic with pricing, leading to fewer price cuts.
- Asking prices dropped 2.5% year-over-year in June, marking the largest annual decline since 2017 and contributing to fewer contract cancellations reported by agents.
- Mortgage rates and home prices are now the primary concerns for buyers, with mortgage rates rising to around 6.6% after a brief decline, while inventory remains lean but improved compared to the pandemic peak.
- Despite market balance nationally, agent optimism about future sales has declined, with only 19% expecting improvement soon, largely due to persistently high mortgage rates and localized market variations.
