Happy June — we're officially in the heart of the spring-into-summer selling season. This week was about steadiness over drama: mortgage rates held in the mid-6s, oil prices cooled sharply as Middle East tensions eased, and the housing market kept its balance as more sellers stepped back in. Nationally, inventory is loosening a touch. Here in the Bay Area, supply is still tight and well-priced homes are moving fast.
Market Trends
The latest national read from the National Association of Realtors (April data) showed existing-home sales ticking up 0.2% to a 4.02 million annual pace. The median existing-home price climbed to $417,700 — the 34th consecutive month of year-over-year gains — while inventory edged up to a 4.4-month supply. The takeaway: nationally, buyers have slightly more breathing room than a year ago, helped by improving affordability and income growth outpacing price increases.
| National Metric | Latest (April 2026) |
|---|---|
| Existing-home sales pace | 4.02M (+0.2% MoM) |
| Median home price | $417,700 (+0.9% YoY) |
| Inventory supply | 4.4 months |
Mortgage Rate Update
Rates were quiet but firm. The 30-year fixed national average sat near 6.51% to open the week and drifted to roughly 6.53% by Friday, while the 15-year fixed held around 5.87%. Bond markets stayed choppy as investors weighed steady growth against sticky inflation and energy-price swings. Both Fannie Mae and the Mortgage Bankers Association still expect the 30-year to live in the low-to-mid 6% range through the rest of 2026.
| Rate (national avg) | This Week |
|---|---|
| 30-year fixed (Mon) | ~6.51% |
| 30-year fixed (Fri) | ~6.53% |
| 15-year fixed | ~5.87% |
| Fed funds rate | 3.50%–3.75% |
Inside Lending Insight: Housing inventory continued rising last week, staying above year-ago levels as sellers gradually re-engage. Builder confidence improved modestly in May, though elevated rates keep affordability pressures front and center. Notably, national asking prices have now been flat or declining for 30 consecutive weeks — a meaningful shift toward more buyer-friendly pricing in many markets.
Current rates are published on NestMortgage.ai/rates and update regularly. Subject to qualification.
Economy News
The headline was oil. After spiking earlier this spring on Middle East tensions, WTI crude tumbled back below $88 a barrel late in May — ending the month down about 16% — following a preliminary U.S.–Iran agreement to ease shipping through the Strait of Hormuz. Lower energy costs are a welcome relief for inflation, which is exactly what the bond market (and your mortgage rate) wants to see. The labor market remains steady, with unemployment holding in the low-4% range, and the Fed is widely expected to leave rates unchanged at its June 16–17 meeting — futures put the odds of no change near 98%.
| Economic Indicator | Current |
|---|---|
| WTI crude oil | ~$88 / barrel |
| Unemployment rate | ~4.3% |
| Fed funds rate | 3.50%–3.75% |
Bay Area Local Housing
Locally, it remains firmly a seller's market. San Francisco's median sale price is running near $1.6M over the past three months — up roughly 15% year over year — and homes are selling in about 14 days, faster than last year. SF inventory sits around an extremely tight 1.2 months, with the broader Bay Area near 2.2 months. Multiple offers are still common on well-priced homes, and the AI/tech boom continues to fuel renewed demand in SF, San Jose, SoMa, and Mission Bay. Core neighborhoods like Pacific Heights, Noe Valley, and Bernal Heights are leading price growth. One wrinkle worth watching: the market is splitting, with Bay Area luxury homes climbing while more affordable segments feel more pressure.
| Bay Area Metric | Current |
|---|---|
| SF inventory supply | ~1.2 months |
| SF price change YoY | +15% |
| Avg. days on market | ~14 days |
Tips for Bay Area Buyers & Sellers
For buyers: In a market this fast, speed and preparation win. Get fully pre-approved before you tour homes so you can move the moment the right one appears. Lean on your agent to craft clean, compelling offers, and have your financing lined up so there are no surprises. When inventory is this tight, the prepared buyer beats the hesitant one nearly every time.
For sellers: You're in the driver's seat — and spring into summer is a fantastic time to list. Strategic pricing and strong presentation are everything. A well-priced, well-prepared home still draws multiple offers in this market. Let's talk about timing your listing to capture the most qualified, motivated buyers.
Whatever side of the table you're on, reach out and let's build a plan around your goals.
Kaveh Sartipi | NMLS# 247776 | DRE# 01363588 | Answer Home Loans, Inc. is a Licensed Real Estate Broker, California Department of Real Estate DRE# 02058505 | NMLS# 1729528 | Equal Housing Lender. This is not a commitment to lend. All loans subject to credit approval, underwriting, and program guidelines. Rates and terms subject to change without notice.
Kaveh Sartipi
Mortgage Advisor · NMLS# 247776 · Top 1% Nationally
Kaveh Sartipi is the founder of Nest Mortgage and has been helping Bay Area buyers finance their homes since 2001. With access to 70+ wholesale lenders, he specializes in finding the right loan for each client's unique situation.