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Spring housing market holds its ground despite economic headwinds
Realtor.com News release
Despite a turbulent start to the month marked by spiking gas prices, surging mortgage rates, and cratering consumer sentiment, the spring housing market showed surprising resilience in April, according to the Realtor.com® April 2026 Monthly Housing Trends Report released today. New listings climbed 1.1% year-overyear, median list prices fell for the sixth straight month, and the share of sellers cutting prices actually declined — signaling that rather than panicking, sellers are entering the market with realistic expectations.
“The worry going into April was that history would repeat itself,” said Danielle Hale, chief economist, Realtor.com.
“Last spring, tariff-driven uncertainty and recession fears hit in early April, sidelining sellers and buyers and setting up a cruel summer marked by parties too far apart to transact. This year, different triggers like the Iran conflict, spiking gas prices, surging mortgage rates have threatened the same outcome. The hope was that sellers would continue coming to market at the strong March pace, and that buyers would keep engaging despite the volatility. By those measures, April delivered.”
New listings
up a season where buyers and sellers were simply too far apart to transact. April’s results suggest that this year’s sellers — particularly in the inventorystarved Northeast and Midwest — are choosing engagement over retreat.
Prices fall
The national median list price was $425,000 in April, up 2.3% from March in a typical seasonal pattern, but down 1.4% year over year — extending a streak of flat or declining annual prices that now spans the past nine months. Price per square foot, which accounts for the changing size mix of homes on the market, fell 2.4% year over year to $227.
Year-over-year median list price declines were recorded across all four major regions, ranging from -3.1% in the West to -0.1% in the Midwest. The sharpest declines were concentrated in the South and West: Memphis (-12.9%), Austin (-9.5%) and Los Angeles (-8.1).
Perhaps the most telling price signal in April came from what did not happen: price cuts fell rather than spiked. The share of active listings with a price reduction declined 1.2 percentage points year over year to 16.7% — even as overall list prices continued to soften.
New listings rose 8.7% month over month and 1.1% year over year in April. The gains were especially pronounced in the Northeast (+9.4% year over year) and Midwest (+6.6%), two regions that have struggled with tight inventory for years. The South and West posted much more modest movement (+0.6% and -3.5%, respectively). At the metro level, Virginia Beach, Indianapolis and Louisville, Ky., led the nation in new listing growth.
The strength of new listings is particularly meaningful given what happened a year ago. Last spring, seller activity collapsed almost immediately when economic uncertainty hit, setting
“Compared to last year, 2026 has seen both fewer price cuts and lower median list prices,” said Jake Krimmel, senior economist, Realtor.com. “That combination suggests sellers have internalized the generally more buyerfriendly market conditions and are adjusting price expectations before listing rather than after. This is a meaningful behavioral shift.”
Active inventory
Active listings rose 4.6% year over year to 1,002,935 in April, a continued improvement even as the pace of growth has moderated from last month’s 8.1% gain. National inventory remains 11.8% below typical 2017–2019 pre-pandemic levels, down from a 13.8% deficit last
Housing affordability in California reaches a four-year high
California Association of Realtors
News release
SACRAMENTO —
Housing affordability in California continued to climb in the first quarter of 2026, reaching its highest level in four years, the California Association of Realtors recently reported.
Twenty-two% of the state’s homebuyers could afford to purchase a median-priced, existing single-family home in California in the first quarter of this year, an increase from 21% in fourth-quarter 2025 and 19% from the first quarter of 2025, according to CAR’s Traditional Housing Affordability Index. A minimum annual income of $204,800 was required to make the monthly payment of $5,120, including principal, interest, and taxes on a 30-year fixed-rate mortgage at 6.24% in California. The minimum income required in first-quarter 2026 was $32,000 lower than the record high reached in secondquarter 2024, and it was the 13th time in the past 14 quarters that the minimum required income exceeded $200,000. The monthly PITI for a typical single-family home in California declined moderately from both the previous
quarter (-3.9%) and the same quarter of last year (-6.1%). The statewide PITI remained more than double the national level in the first quarter of 2026, continuing a trend that has persisted since at least 2018. Lower interest rates, slower price growth, and higher household income levels all contributed to the upward trend in housing affordability in the first quarter of 2026. CARs HAI measures the percentage of all households that can afford to purchase a median-priced single-family home in California. CAR also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.
The statewide median price of a detached, existing single-family home in California declined 3.0% to $843,390 on a quarterto-quarter basis for the third consecutive period in first-quarter 2026, as housing demand slowed amid lingering market uncertainty. On an annual basis, California recorded its first price decline since mid-2023, as the statewide median price dipped 0.5% from the first quarter of 2025.
Since the outbreak
of the Iran war in late February, mortgage rates have been notably volatile, reversing lower rates seen earlier in the year. Rates initially jumped as the war pushed oil prices higher and reignited inflation concerns, lifting Treasury yields that mortgage rates closely track. The average 30-year fixed rate rose from just under 6% before the conflict to over 6.6% by late March as markets priced in higher energy costs and a more cautious Federal Reserve outlook. Mortgage rates have remained elevated and volatile, reacting more to geopolitical tensions and their impact on inflation than to typical market forces.
At 32%, the share of California households that could afford a typical condo or townhome in the first quarter improved from 31% in the fourth quarter of 2025 and 27% in first-quarter 2025, as the median price dipped slightly on quarterly and annual basis. A minimum annual income of $157,200 was needed to make monthly payments of $3,930 on a $648,000 median priced condo/townhome in first-quarter 2026. It was the second straight month that the condo/townhome PITI remained below $4,000. For the ninth consecutive quarter, the minimum required annual income to
purchase a medianpriced U.S. home was less than half that of California’s. In the first quarter of 2026, the median U.S. home price stood at $404,300, which required a minimum annual income of $98,000 to make monthly payments of $2,540. Nationwide, affordability improved to 44%, up from 42% in the fourth quarter of 2025 and 40% a year ago. As the market enters the home buying season, home prices will continue to inch up, but the growth pace will
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All real estate advertising in this newspaper is subject to the federal Fair Housing Act which makes it illegal to advertise “any preference, limitation or discrimination based on race, color, religion, sex, physical handicap, familial status or national origin, or an intention to make any such preferences, limitation or discrimination.” California also extends protection based on age and marital status. The Mountain Democrat makes every effort to comply with these federal and state regulations. We ask your assistance in maintaining an acceptable standard of advertising. While they may seem inconvenient at times, these laws are written to protect you, our readers and advertisers, as well as ourselves. This newspaper will not knowingly accept any advertising for real estate which is in violation of the law. Our readers are hereby informed that all dwellings advertised in this paper are available on an equal opportunity basis. For further information, you can call the Dept. of Fair Employment & Housing at (916) 445-9918 or the State Dept. of Consumer Affairs at (800) 344-9940.Note: Rental ads that contain the phrase “Single Occupancy” refer only to the physical characteristics of the dwelling and are not intended to state a preference of either marital or familial status.
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Spring market
month.
Notably, new listings growth is slightly accelerating while active inventory growth is decelerating — a divergence that implies fresher inventory cycling through the market. Whether that translates into more sales will be the key question for May.
Selling times
In April, the median home spent 52 days on market, two days longer than a year ago — marking the 25th consecutive month of year-over-year deceleration in the pace of sales. Even so, homes are still selling four days faster than pre-pandemic
Continued from 2
norms. Time on market edged higher across all three of the four regions (Midwest +3; South +3; West +4 days) and dropped in the Northeast (-1 day.)
Mortgage rates
After peaking at 6.46% on April 2, mortgage rates fell for three consecutive weeks, finishing the month below 6.30%. While rates remain higher than they’ve been over most of the last 6 months, they are meaningfully lower than the prior two Aprils — 7.17% in April 2024 and 6.81% in April 2025 — providing buyers with a genuine a ordability improvement compared
to recent springs. Mortgage purchase applications, which had slipped in March, rebounded in April, consistent with the uptick in new listings and suggesting buyers have not been fully sidelined by the volatility.
“Although rates have eased from their peak in early April, they are still higher than earlier this year, but well below the past two Aprils,” said Krimmel. “ Between the rebound in mortgage purchase applications and the continued rise in new listings, it looks as though buyers are relatively unfazed by the volatility. Even so, a resolution to the recent
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geopolitical uncertainty would do a world of good for the U.S. consumer and homebuyer.”
Looking ahead
The key variables to monitor in May are whether new listing momentum holds — particularly in the Northeast and Midwest, where those gains are critical to breaking the high-price, lowinventory lock-in cycle — and whether lower list prices translate into more pending sales. New listings growth is accelerating while active inventory growth is decelerating, a gap that implies more sales and fresher inventory. May’s pending sales data will confirm whether the price correction is working.
“It’s too early to declare the spring housing market has weathered the storm, but there’s renewed reason for cautious optimism,” said Krimmel. “The leading indicators that would signal trouble — seller pullback, spiking cancellations, surging price cuts — are, if anything, moving in the right direction. New listings are up, contract cancellations are normal, and seller price cuts that can reveal concern are down.”
Affordability
Continued from 3
remain soft in the coming months. With mortgage rates moving sideways or even rising in the weeks ahead, housing affordability could drop slightly in the next two quarters if the Iran conflict remains unresolved.
Key points from the first-quarter 2026 Housing Affordability report include:
• Compared to the previous quarter, housing affordability in the first quarter of 2026 improved in less than half of all counties tracked by C.A.R, while 19 counties recorded affordability declines, and was unchanged in 11 other counties. Twentythree counties posted quarter-to-quarter gains, driven by lower mortgage rates, higher incomes, and softer home prices. When compared to a year ago, affordability improved in 48 of 53 counties, dropped in three, and showed no improvement in two.
• Lassen (61%) remained the most affordable county in California, followed by Plumas (45%) and Glenn (44%), where roughly two out of five households could afford a median-priced home. Of all counties in California, Lassen continued to require the lowest minimum qualifying income at $52,800.
Mono (6%) was the least affordable county in California, followed by Santa Barbara (12%) and Monterey (15%), with each county requiring a minimum income of at least $219,200. San Mateo (20%) continued to post the highest minimum qualifying income at $534,400, the only county with an annual income requirement above $500,000. Santa Clara ($492,800) required the second highest annual income, and San Francisco ($479,600) required the third highest.
As mortgage rates dropped over the past year, affordability improved across much of the state. The biggest year-over-year gainers were Mendocino (+9 points), Madera (+7 points), Plumas (+7 points), and Tehama (+7 points). Few counties moved in the opposite direction; however, affordability dropped the most in Trinity (-3 points), followed by Sutter (-2 points) and San Francisco (-2 points). Despite improvements from a year ago, housing affordability remains low and continues to pose challenges for both buyers and sellers in many counties in California.
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Saturday, May 16, & Sunday, May 17, 2026
2-4
3086 RIDGECREST WAY, POLLOCK PINES
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Sunday, May 17, 2026
2-5
5080 GOLD HILL ROAD, PLACERVILLE.
$1,500,000
A private tree lined driveway leads you through the Zeno Vineyard entrance and into a world of refined tranquility. Set on 5 acres of beautifully curated land. Step inside to experience dramatic high ceilings and a beautiful, light-filled entry, leading into the main living space. The home has a tranquil primary suite and 2 additional bedroom suites. An office off the foyer could be used as a 4th bedroom. The attached garage has been transformed into a multi-purpose gathering studio. A 2024 built, 1400+ sf detached building contains a 2-car garage and a home office or a guest suite with a dedicated full bathroom. The electrical panel was upgraded in 2025. Two Tesla charging units with owner-owned solar panels. A new electric HVAC was installed in 2025 paired with a high efficiency condensing gas furnace. Approximately one acre is dedicated to professionally planted, multi-award winning Roussanne grape vines. The irrigation was updated in 2026. Full landscape lighting, fountain pathways with extensive fencing with a dedicated dog run and Sundance spa invite one to escape into the natural beauty. Full on-prem security camera system including WIFI and Firewall protection ensure privacy for your vineyard retreat.
RE/MAX GOLD • CYNTHIA WHITE (530) 957-4648
WE DO OUR BEST TO KEEP OUR OPEN HOUSES ACCURATE AND TIMELY. PLEASE BE AWARE THAT OPEN HOUSES TIMES AND INFORMATION ARE SUBJECT TO CHANGE WITHOUT NOTICE.
Sunday, May 17 • 2-5pm
5080 Gold Hill Road, Placerville
VINEYARD RETREAT IN THE HEART OF GOLD HILL
driveway leads you through the Zeno Vineyard entrance and into a world of refined tranquility. curated land. Step inside to experience dramatic high ceilings and a beautiful, lightthe main living space. The home has a tranquil primary suite and 2 additional bedroom foyer could be used as a 4th bedroom. The attached garage has been transformed into a studio. A 2024 built, 1400+ sf detached building contains a 2-car garage and a home office dedicated full bathroom. The electrical panel was upgraded in 2025. Two Tesla charging units panels. A new electric HVAC was installed in 2025 paired with a high efficiency condensing one acre is dedicated to professionally planted, multi-award winning Roussanne grape updated in 2026. Full landscape lighting, fountain pathways with extensive fencing with Sundance spa invite one to escape into the natural beauty. Full on-prem security camera Firewall protection ensure privacy for your vineyard retreat.
Asking $1,500,000 MLS# 226054031
This custom-built home, proudly owned by its original owner, offers a rare opportunity to own a piece of peaceful Sierra foothill living. Inside, you’ll find a blend of tile, wood flooring, and carpet, creating both comfort and durability throughout. Step outside and take in the serene surroundings from the expansive covered porches, featuring decking that spans the full length of the front of the home and wraps around the back near the kitchen perfect for relaxing, entertaining, or simply enjoying the fresh mountain air. Located just a short drive from award-winning wineries and endless outdoor recreation in the nearby National Forest, this property is ideal for those who love nature, adventure, and tranquility. Don’t overthink it homes like this don’t come around often, and this one won’t last. MLS#: 226041713
Constructed in 2021 by one of the area’s nest builders. Single level with lots of light shining through. Upgraded nishes with all the frills. High speed Cal Net Internet. Large open kitchen opens to the dining and family area. Six burner gas range, granite slab and luxury plank vinyl oors. Solid stained interior doors with exposed knots. Huge master suite with a bay window, walk-in closet and custom built-in organizers. The guest bath features a six foot, extra deep soaking tub. The garage is a dream, oversized, fully nished and a bank of custom cabinets. The outside is landscaped with natural beauty and ease of maintenance. It features stamped and stained concrete and a wide, private asphalt driveway. The 50 year hip roof has high end extra thick shingles.
