Late Summer Is Prime Time For CA Homebuyers
California's housing market is easing into a late-summer lull that's quietly favoring buyers. Mortgage rates eased for a second straight week, offering modest relief even as affordability strain keeps purchase activity soft, and statewide home sales retreated to a six-month low with the median price slipping under $900,000. Nationally, builders pulled back sharply on new construction in July even as permits climbed, signaling caution about near-term demand. The upside: seasonal data shows discounts widening across several California metros right now, with more markets following through fall.
In The News:
Redfin — Now's the Time: Late Summer Is the Best Season for Homebuyers to Score a Deal in These U.S. Metros (August 21, 2026) — Redfin's seasonal analysis finds late August is peak deal season in several California markets, with Anaheim, Oakland, Sacramento and San Jose currently seeing the year's widest price cuts. San Francisco, Los Angeles and San Diego follow about a month later, in late September. Sellers who listed in spring and still haven't found a buyer are growing more open to concessions.
Freddie Mac — Mortgage Rates Decline for Second Consecutive Week (August 20, 2026) — The 30-year fixed-rate mortgage averaged 6.65% this week, down from 6.67% the week prior — a second straight weekly decline. Rates remain above last year's 6.58%, but the pullback offers modest relief to buyers navigating California's stretched affordability. Freddie Mac noted borrowers can still save meaningfully by comparing rate offers across lenders.
MBA — No Major Changes in Mortgage Demand (August 21, 2026) — Mortgage applications slipped 0.4% for the week, with the purchase index down 2% and unadjusted purchase activity running 3% below the same week last year. The average 30-year rate held at 6.77%. MBA's deputy chief economist pointed to affordability strain as the reason some buyers are delaying purchase decisions.
NAHB — Housing Starts Retreat on Market Headwinds (August 18, 2026) — Privately-owned housing starts fell 12.4% in July to a seasonally adjusted annual rate of 1.24 million, with single-family starts down 9.9% and multifamily down 16.8%. Building permits rose 5% for the month even as starts pulled back. NAHB's chairman cited elevated mortgage rates and rising material and fuel costs as builders' key headwinds.
C.A.R. — Home Sales Pull Back In July As California's Median Price Slips Below $900,000 (August 17, 2026) — California's median home price slipped 1.9% from June to $887,680 in July, though it stayed slightly above year-ago levels. Statewide sales fell to their slowest pace in six months, even as they held above last July's level for a fourth straight month. Homes sold faster, averaging 26 days on market, as C.A.R.'s president cited mortgage rates that briefly hit a 12-month high.
