April 2026 East Bay Market News

The Big Story

Quick Take:

Median home sale prices ticked up slightly on both a month-over-month and year-over-year basis in February, continuing the holding pattern we've seen in recent months.
Inventory levels continue to climb modestly on a year-over-year basis, with new listings surging heading into the spring selling season.
Existing home sales rebounded slightly from January, but remain below where they were at this time last year.

Note: You can find the charts & graphs for the Big Story at the end of the following section.

*National Association of REALTORS® data is released two months behind, so we estimate the most recent month’s data when possible and appropriate.

Falling rates continue to ease the affordability crunch

Although median home sale prices have remained remarkably stable over the past several months, the continued decline in mortgage rates is making homeownership considerably more affordable than it was just a year ago. In February, the median home sold for $398,000, representing a modest 0.30% year-over-year increase and a 0.76% uptick from January. On the mortgage rate front, the average 30-year rate dropped to 6.11% in February, representing an 11.32% year-over-year decline from the 6.89% we were seeing at this time last year. This decline in rates has had a major impact on what the average homeowner is paying each month. The median monthly P&I payment came in at $1,952 in February, down 7.79% from the $2,117 the median homeowner was paying just a year ago. That's approximately $165 in monthly savings, which is a significant boost to the average American's budget. If rates continue to trend downward, we could see buyers start to return to the market in a meaningful way as we move deeper into the spring and summer months.

New listings are surging as we head into spring

One of the most encouraging stories in the housing market right now is the dramatic increase in new listings as we move into the spring selling season. In March, there were 439,000 new listings that hit the market, representing an eye-popping 21.21% month-over-month increase and a 0.70% year-over-year increase. This surge in new listings is a very welcome sight, as it means buyers will have considerably more options to choose from as the market heats up. On the inventory side, there were 1,290,000 homes available for sale in February, representing a 4.03% year-over-year increase and a 2.38% month-over-month increase. This gradual build in inventory, combined with the huge surge in new listings, should give buyers some breathing room as we head into the busier months of the year. That said, inventory levels still have a long way to go before they reach the levels we'd consider truly healthy, so it'll be worth keeping a close eye on whether this momentum carries through the spring.

Eisting home sales are showing early signs of life

After a sluggish January, existing home sales rebounded slightly in February, with 4,090,000 homes changing hands. This represents a 1.74% month-over-month increase, but still comes in 3.99% below where we were this time last year. While it's certainly encouraging to see sales pick back up, the year-over-year decline tells us that buyers are still being cautious despite the substantial drop in mortgage rates that we've seen over the past year. Part of the story here may be that buyers are waiting to see even more rate cuts before they jump in, or they may be waiting for the influx of new listings to give them more options to choose from. Either way, it'll be fascinating to see whether the combination of lower rates, climbing inventory, and a fresh wave of new listings is enough to bring buyers off the sidelines in the coming months.

A market that's slowly tilting back toward balance

When determining whether a market is a buyers' market or a sellers' market, we look to the Months of Supply Inventory (MSI) metric. The state of California has historically averaged around three months of MSI, so any area with at or around three months of MSI is considered a balanced market. Any market that has lower than three months of MSI is considered a seller's market, whereas markets with more than three months of MSI are considered buyers' markets.

At the national level, we're seeing an interesting dynamic play out. Inventory is growing at a modest pace on a year-over-year basis, existing home sales are lagging slightly behind last year's figures, and new listings are surging into the market just as we head into the traditionally busy spring season. All of this suggests that the market is slowly tilting back toward a more balanced state, which would be welcome news for buyers who have been dealing with tight inventory for years. However, if mortgage rates continue to drop and buyers finally decide to come off the sidelines, we could just as easily see the market swing back in favor of sellers. As always, real estate is a highly localized asset, which is why you should check out what's going on in your local market below in the Local Lowdown!

Big Story Data

The Local Lowdown

Quick Take:

Single-family home prices remain stable in Alameda County while the condo market continues to face headwinds with double-digit year-over-year declines.
Inventory levels remain more than 20% below last year, keeping the single-family market tight as the spring selling season heats up.
Single-family homes are selling at a blistering pace, with the average listing moving in under two weeks.

Note: You can find the charts/graphs for the Local Lowdown at the end of this section.

Single-family homes hold steady while condoes continue to soften

The single-family home market in the East Bay remained remarkably stable in March. In Alameda County, the median single-family home sold for $1,357,000, representing a slight 0.41% increase on a year-over-year basis. Contra Costa County saw a modest decline, with the median single-family home selling for $870,000, down 1.14% compared to last year. The condo market, however, continues to struggle. Alameda County condos declined by 11.72% year-over-year, with the median condo selling for $565,000. Contra Costa County condos fared somewhat better, declining just 1.81% to a median sale price of $489,000. The persistent weakness in the condo market stands in stark contrast to the resilience we're seeing in single-family homes.

Inventory remains well below last year as spring arrives

Despite the arrival of the spring selling season, inventory levels in the East Bay remain significantly below where they were a year ago. Single-family home inventory stood at just 2,120 units in March, representing a 22.23% decline on a year-over-year basis. The condo market saw a similar trend, with inventory down 17.60% to 824 units. This persistent lack of inventory continues to be one of the defining characteristics of the East Bay market. While we did see new listings pick up on a month-over-month basis, the market is absorbing them quickly, which is keeping overall inventory levels suppressed.

Single-family homes are selling at last year's pace

Single-family homes continue to move at a rapid clip in the East Bay. The average single-family home in Alameda County sold in just 12 days, while homes in Contra Costa County sold in 13 days. Both figures are unchanged from where they were a year ago, signaling that buyer demand remains strong despite elevated interest rates. The condo market is moving a bit more slowly, with the average condo in Alameda County spending 22 days on the market and Contra Costa County condos spending 19 days. While condos are taking longer to sell than single-family homes, they're still moving at a reasonable pace by historical standards.

The tale of two markets continues in the East Bay

When determining whether a market is a buyers' market or a sellers' market, we look to the Months of Supply Inventory (MSI) metric. The state of California has historically averaged around three months of MSI, so any area with at or around three months of MSI is considered a balanced market. Any market that has lower than three months of MSI is considered a seller's market, whereas markets with more than three months of MSI are considered buyers' markets.

The divergence between single-family homes and condos continues to define the East Bay market. The single-family home market remains a strong seller's market, with just 1.6 months of inventory in Alameda County and 1.8 months in Contra Costa County. These figures represent year-over-year declines of 20.00% and 21.74%, respectively, indicating that competition among buyers remains fierce. The condo market tells a very different story. Both Alameda and Contra Costa Counties ended March with 3.7 months of condo inventory, placing the condo market firmly into buyer's market territory. This gives condo buyers considerably more negotiating power than their single-family home counterparts.