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urveys from Real Brokerage and John Burns show that, despite a shift toward buyer power, the market remains sluggish. 59 % of agents reported weaker‑than‑normal sales in October, and prices are down year‑over‑year in 8 of 10 regions. In 5 of those regions sellers still outnumber buyers, but the advantage is narrowing.

    Buyer leverage is rising nationally, with 44 % of Real agents saying their local market favors buyers, though some areas may have peaked. Affordability is the single biggest hurdle for all buyers, especially first‑timers. In the Burns survey, 57 % of agents noted weaker entry‑level buyer activity, the lowest for any segment. Over half of agents in nearly every region said first‑time buyers are sidelined, even where inventory has increased. Many buyers earning under $80 k cannot find homes within their budgets, and modest mortgage‑rate cuts have not restored purchasing power.

    Sellers have been slow to adjust to falling prices. More than two‑thirds of agents in the Burns survey said pricing a home correctly is their biggest challenge, as many remain anchored to 2021‑23 peak prices. Competition has collapsed: only 16 % of resale contracts received multiple offers in October, a historically low figure. Real’s survey found just 20 % of agents felt their market favored sellers.

    Despite the slowdown, agent sentiment is cautiously optimistic. 57 % of Real respondents expressed more optimism than the previous month, creating a net positive outlook for the next 12 months. The John Burns Resale Housing Market Index shows expected sales rising for a third consecutive month, yet overall expectations remain tepid. Nationally, only 34 % of agents view next‑six‑month sales as “good,” down from 42 % a year ago. In the Midwest, 40 % expect good sales, while in Texas, the Southwest, and Southern California, fewer than 25 % anticipate strong sales.

    In short, buyers now hold more leverage, but affordability keeps many from acting. Sellers are reluctant to lower prices, and competition is at a low. Agents remain hopeful that a recovery will come, but the market’s current dynamics suggest a cautious, gradual rebound rather than a swift turnaround.