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Inventory levels continue to climb, with new listings pouring onto the market as sellers look to capitalize on the busier spring months.

Inventory levels continue to climb, with new listings pouring onto the market as sellers look to capitalize on the busier spring months.

The Big Story
Quick Take:
  • Median home sale prices bounced back in a big way in April, as the spring selling season kicked into gear with nearly a 1% year-over-year increase.
  • Inventory levels continue to climb, with new listings pouring onto the market as sellers look to capitalize on the busier spring months.
  • Existing home sales are essentially flat on a year-over-year basis, as rising mortgage rates give buyers a reason to pause.
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.
 
Spring has sprung, and so have median sale prices
After several months of relatively flat price action, median home sale prices picked up some serious momentum in April. The median home sold for $417,700 in April, representing a 2.10% month-over-month increase and a 0.89% year-over-year gain. This bounce is especially notable when you consider that the median sale price had been on a downward trend from June of last year all the way through January, when it bottomed out at $395,000. Since then, we've seen three consecutive months of month-over-month increases, which tells us that the spring selling season is bringing some renewed energy to the market. However, it's worth noting that mortgage rates have ticked back up in recent weeks, with the average 30-year rate climbing to 6.46% in April, up from the 6.00% low we saw in March. This uptick in rates pushed the median monthly P&I payment up to $2,115, though this is still 3.07% lower than the $2,182 the median homeowner was paying at this time last year. If rates continue to climb, it could put a ceiling on how much further prices can rise in the near term.
New listings are flooding the market as sellers get off the sidelines
As the spring selling season heats up, we're seeing a significant wave of new listings hit the market. In April, there were 477,116 new listings nationwide, representing an 8.70% month-over-month increase and a 1.13% year-over-year increase. This influx of new listings is great news for buyers who have been dealing with limited options for the better part of the past few years. On the inventory side, there are now 1,470,000 homes available for sale, representing a 5.76% month-over-month increase and a 1.38% year-over-year increase. Inventory has been steadily building since its December low of 1,230,000, and we're now approaching the levels we were seeing during the peak of inventory season last summer. If this trend continues through May and June, buyers could find themselves with the most options they've had in quite some time, which would be a welcome shift in a market that has been starved for supply.
Existing home sales are holding steady, but buyers remain cautious
Despite the influx of new inventory and three consecutive months of rising prices, existing home sales have remained relatively flat. In April, 4,020,000 homes changed hands, representing just a 0.50% year-over-year increase and a 0.25% month-over-month uptick. While it's encouraging that sales are at least trending in the right direction, the pace of improvement has been glacial, which suggests that many buyers are still sitting on the sidelines. Part of the story here is the recent uptick in mortgage rates. After falling steadily from 6.85% last June to 6.00% in March, rates have bounced back to 6.46%, which may have given some prospective buyers cold feet. If rates stabilize or begin to decline again, we could see existing home sales pick up in a meaningful way as we move into the summer months. For now, though, it seems like buyers are content to wait and watch.
A balancing act heading into the summer
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 the market inch closer to a more balanced state. Inventory continues to build heading into the summer, while existing home sales have been essentially flat, meaning that the available supply is lasting a bit longer than it did at this time last year. However, the recent reversal in mortgage rates adds a layer of uncertainty to the equation. If rates continue to rise, we could see demand soften further, which would push the market toward buyers. On the other hand, if rates settle back down and buyers start to re-engage, the growing inventory could get absorbed quickly, keeping the market tilted 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:
  • Median sale prices gained ground in Sonoma and Marin Counties, with year-over-year increases of 2.35% and 4.38%, respectively, while Solano and Napa Counties continued to soften.
  • Inventory remains well below last year's levels, with single-family home inventory down 36.98% and condo inventory down 24.57% on a year-over-year basis.
  • Listings are moving at a brisk pace, with single-family homes in Sonoma, Marin, and Solano Counties all selling in less than a month.
Note: You can find the charts/graphs for the Local Lowdown at the end of this section.
Marin and Sonoma lead the spring rally
April brought encouraging news for homeowners in the western reaches of the North Bay. Marin County saw the strongest gains, with the median single-family home selling for $1,905,000, a 4.38% increase compared to April 2025. Sonoma County also posted solid gains, with the median sale price rising 2.35% year-over-year to $870,000. However, the eastern and northern parts of the region continued to struggle. Solano County saw a 1.78% decline to $579,000, while Napa County dropped 3.72% to $905,000. The condo market painted a more positive picture this month. Marin County condos surged 11.44% year-over-year, Sonoma County gained 8.21%, and Solano County ticked up 2.61%. Napa County condos were the lone decliner, falling 13.92% compared to last April.
Inventory crunch continues despite spring selling season
Despite the peak of spring selling season, inventory levels remain stubbornly low across the North Bay. Single-family home inventory now sits at 2,481 units, down 36.98% compared to April 2025. The condo market tells a similar story, with just 347 units available, a 24.57% year-over-year decline. The silver lining is that the market is showing signs of life. Sales activity is up 9.01% year-over-year for single-family homes and 11.24% for condos. In fact, April saw 980 single-family home sales, nearly matching the 988 new listings that hit the market. This tight balance between supply and demand continues to put upward pressure on prices in the more desirable markets.
Homes are selling faster than they have in years
April brought a significant acceleration in the pace of sales across most of the North Bay. Single-family homes in Sonoma, Marin, and Solano Counties are all selling in less than a month. Marin County led the way with a median of just 13 days on market, matching last April's figure. Sonoma and Solano Counties both came in at 26 days, representing 10.34% improvements compared to last year. Napa County remains the outlier, with the median single-family home spending 54 days on the market, a 63.64% increase year-over-year. The condo market was more evenly split. Napa County condos are actually moving 31.25% faster than last year, while Sonoma and Solano County condos are both taking about 19% longer to sell.
Seller's market conditions intensify as spring peaks
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.
 
April brought a significant tightening of inventory across the North Bay, pushing most single-family home markets firmly into seller's territory. Marin County has just 2.2 months of supply, down 53.19% year-over-year. Solano County sits at 2.6 months (down 23.53%), and Sonoma County has 2.8 months of supply (down 48.15%). Even Napa County, which has historically been more balanced, has tightened to 6 months, a 33.33% year-over-year decline. The condo market remains more favorable for buyers, though conditions are tightening there as well. Marin and Sonoma Counties both have 3.8 months of supply (down about 31-32% year-over-year), Solano County has 4.1 months (down 14.58%), and Napa County has 5.6 months (down 39.13%). As we head into the summer months, sellers continue to hold a significant advantage in the single-family home market.
Local Lowdown Data
 

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New listings are flooding the market as sellers get off the sidelines
Inventory levels continue to climb, with new listings pouring onto the market as sellers look to capitalize on the busier spring months.
Median home sale prices bounced back in a big way in April, as the spring selling season kicked into gear with nearly a 1% year-over-year increase.
Median home sale prices ticked up ...
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.
New listings are ticking up as we head into the spring
Median home sale prices are virtually flat on a year-over-year basis, as the market has settled into a holding pattern despite lower mortgage rates.
Inventory levels remain slightly elevated compared to last year, but the gap continues to narrow
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