San Diego Market Update | April 28, 2026 - Blum Realty Group

This is an archived update. It summarizes the market and mortgage rate reports that were available when it was published.

Mortgage Rates That Week

According to Freddie Mac’s Primary Mortgage Market Survey released April 23, the 30-year fixed-rate mortgage averaged 6.23%, down from 6.30% the week before and well below the 6.81% average of a year earlier. The 15-year fixed slid to 5.58%, down from 5.65% the week before.

The drift down in rates had been gradual but steady through April, and rates were still well below where they sat the spring before. The April 23 average was still above the 6.00% reading of March 5, 2026.

Mortgage Application Activity 

The Mortgage Bankers Association reported that total mortgage applications rose 7.9% for the week ending April 17. Purchase applications jumped 10% from the week before and were running 14% ahead of the same week a year earlier, a strong sign that buyers were stepping back into the market as rates eased. Refinance applications climbed 6% from the week before and were 52% higher than a year earlier, as homeowners with higher-rate loans took advantage of the lower rates.

The MBA noted that housing demand was being supported by a job market that was still holding up, and that buyers in most of the country were finding a buyer’s market, thanks to more inventory than a year earlier.

National Housing Overview

The latest NAR Existing-Home Sales report at the time (March 2026, released April 13) showed sales running at a seasonally adjusted annual pace of 3.98 million, down 3.6% from the month before. The national median sale price set a new March record at $408,800, up 1.4% from a year earlier, the 33rd straight month of year-over-year price gains. Inventory rose to a 4.1-month supply, up from 3.8 months in February and 4.0 months a year earlier.

The NAR Housing Affordability Index came in at 113.7 in March, down slightly from 117.5 in February but well above the 104.2 of a year earlier. That meant the typical family earned roughly 14% more than it needed to qualify for a mortgage on a median-priced home.

Looking ahead, the NAR Pending Home Sales Index (released April 21) rose 1.5% from the month before in March to a reading of 73.7, though it was still 1.1% below the level of a year earlier. NAR Chief Economist Lawrence Yun noted that contract signings rose despite higher rates earlier in the quarter, pointing to pent-up demand that he expected to turn into more closed sales as inventory kept growing.

What This Meant

If you were buying: falling rates, growing national inventory and improving affordability were the backdrop for working out your payment and your cash budget. Locally, San Diego inventory was still tight compared with the national averages, so well-priced listings kept moving, but buyers had more room to negotiate on price, contingencies and rate buy-downs than they did a year earlier.

If you were selling: lower rates were pulling buyers off the sidelines, and purchase applications up 14% from a year earlier meant real demand was showing up. Pricing and presentation mattered more than ever. Homes priced right from the first day were still drawing strong activity, while overpriced listings sat longer.