A new CNBC Housing Market Survey reveals that most potential homebuyers are waiting for mortgage rates to decrease further before making a purchase. Rates are currently at a low of 6.17%, but agents report buyers are optimistic about further declines. Affordability remains the top reason for delaying purchases.

Real estate agents across the US say current conditions favor buyers, with 44% reporting decreasing prices and only 20% seeing increases. Despite optimism about falling rates, buyers are concerned about affordability and the economy. Interest rate buydowns and adjustable-rate mortgages are being used to offset price pressures.

Buyers are borrowing money from family or compromising on home size or location to afford a home. Agents predict home sales will either improve slightly or stay the same next quarter. Sellers are concerned about how long it will take to find a buyer and are closely watching mortgage rates.

Home prices continue to rise annually, with the Northeast and Midwest seeing the most gains and the South and West weakening. Inventory has increased from last year, but remains historically tight, particularly for affordable properties. Low inventory and rates are still challenges for buyers, while sellers are hesitant to move due to low mortgage rates.

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1. The stock market hit record highs today with the S&P 500 closing at 4,000 for the first time.
2. Unemployment claims fell to 684,000 last week, the lowest since the start of the pandemic.
3. Tesla announced plans to open a new gigafactory in Texas, creating thousands of jobs.
4. The Federal Reserve stated they will keep interest rates low as the economy continues to recover.: Buyers expect mortgage rates to drop