The latest quarterly housing market survey conducted by the Consumer News and Business Channel (CNBC) in the United States reveals that as the country enters 2026, the housing market has yet to show significant signs of warming up. However, there has been a true shift towards a more balanced direction in the market.
In the final quarter of 2025, mortgage rates saw little change while house prices continued to decline. The average rate for popular 30-year fixed-rate mortgages, after a significant drop in the third quarter, stabilized between 6.2% and 6.4% in the fourth quarter. This has led to some prospective buyers adopting a wait-and-see approach, lacking the motivation to enter the market.
Nevertheless, early indications now suggest that there may be more transaction activities in the future.
Among real estate agents surveyed by CNBC in the fourth quarter, 37.5% believe the current market is in a balanced state, rather than the buyer’s market they observed in the third quarter. This proportion has risen from 30% in the third quarter, likely due to increased unemployment affecting consumer confidence in the economy.
The CNBC Housing Market Survey is a nationwide study conducted among randomly selected real estate agents across the United States. Responses for the fourth quarter survey were collected from December 10th to December 17th, with a total of 72 agents sharing their perspectives this quarter.
While most agents indicate that the market still favors buyers due to falling prices and increased inventory, some also point out significant differences in expectations between buyers and sellers.
The current balance in the market is likely influenced by the decline in house prices.
According to the CNBC survey, 92% of agents mentioned that they had convinced at least one seller to lower their price in the fourth quarter, compared to 89% in the previous quarter. Nearly half of the respondents stated that most of their sellers had reduced prices.
Despite the decline in prices, they remain at historically high levels. However, buyers seem to be gradually viewing this as the new normal.
When asked about how affordability affects buyers, agents noted that fewer buyers exited the market in the fourth quarter compared to the previous one, and there was a decrease in buyers postponing purchases. Buyers were also making fewer compromises in terms of house size, features, and location.
However, accepting price reductions may not be easy for sellers. More agents mentioned having to take properties off the market in the fourth quarter compared to the third quarter.
Looking ahead to the new year, despite the slowdown in the market towards the end of 2025, 67.8% of agents anticipate an improvement in sales in the first quarter of 2026. A high percentage, 77%, believe that the performance in 2026 will be better than the previous year.
(Credit: CNBC)