Housing market tilts toward balance as buyers and sellers gain leverage

CNBC’s Q2 Housing Market Survey shows more agents (44%) report a balanced market, up from 30% a year earlier, signaling buyers and sellers are regaining leverage amid higher supply and easing prices. Price cuts dropped (57% vs 89%), but prices remain about 1% higher YoY; June asking prices fell 2.5% YoY. Contract cancellations declined to 40%. Mortgage rates fluctuated, with the 30-year fixed peaking near 6.75% in May and hovering around 6.6% since, while inventory rose to about 1.1 million listings. Overall optimism wanes: 19% expect sales to improve, 67% expect them to stay the same, with significant local variation and a push toward hyper-local data.