April ’26 Market Update: A Market Finding Its Balance

The Big Story (National Market)

The housing market is holding steady as we move deeper into spring. Prices aren’t making dramatic moves, but improving affordability and rising inventory are starting to shift the conversation.

Home prices remain stable, with the median sitting at $398,000, showing slight increases both month-over-month and year-over-year. At the same time, mortgage rates have eased to 6.11%, down from 6.89% last year—bringing meaningful relief to buyers.

• Monthly payments are down by about $165 year-over-year
• Affordability is improving, even without major price drops

One of the biggest changes right now is supply. New listings surged 21% month-over-month, giving buyers more options as we head into the busy season.

• Inventory is up roughly 4% year-over-year
• Still below what we’d consider a fully “healthy” market

Buyer activity, however, remains measured. While sales picked up slightly from January, they’re still below last year’s levels—suggesting many buyers are waiting for either lower rates or more choices.

Overall, the market is gradually moving toward balance. More listings and steady demand are creating flexibility—but if demand picks up quickly, conditions could shift back in favor of sellers.

The Local Lowdown (Bay Area)

Here in the Bay Area, the story is more dynamic—and in many ways, more competitive.

San Francisco is leading the region in price growth, with single-family homes up 18% year-over-year and condos jumping 27%. Other areas are more mixed, with Silicon Valley seeing both modest gains and slight pullbacks, while the East Bay remains relatively stable and parts of the North Bay experience some price softening.

Inventory continues to be one of the biggest challenges locally.

• Down about 10% in Silicon Valley
• Down 40%+ in the North Bay
• Still a supply-constrained environment overall

Homes are also moving quickly—especially single-family properties.

• Santa Clara County: ~8 days on market
• San Mateo: ~10 days
• San Francisco: ~12 days

This speed reflects a market where well-priced homes are still drawing strong demand.

The result? Sellers remain in a strong position, particularly in the single-family segment, where most areas sit well below the 3-month supply mark. Condos, however, are offering a bit more balance, with some markets leaning toward more buyer-friendly conditions and increased room for negotiation.

At first glance, this market might look like it’s “slowing”—but the numbers tell a different story.

Homes are still moving fast, selling at 106% of list price, and demand hasn’t let up. In Silicon Valley, it’s not about whether homes are selling—it’s about how well they’re positioned before they hit the market

What This Means

The market isn’t slowing—it’s stabilizing and becoming more strategic.

For Buyers

• More inventory means more opportunities
• Improved rates are helping with affordability
• But strong homes still require quick, decisive action

For Sellers

• Demand remains strong, especially for single-family homes
• Proper preparation and pricing are key to maximizing results

Overall
We’re entering a market that feels more balanced—but still competitive. As spring unfolds, the combination of lower rates and increased inventory could bring more activity on both sides.