According to a Redfin News housing-market update published September 3, 2026, covering the four weeks ending August 30.
What the report says
Seasonally adjusted new listings of U.S. homes for sale rose 2.1% week over week to 383,795 – the highest level since August 2022. Active listings also edged up 0.4% to about 1.51 million.
Demand did not keep pace. Pending home sales were essentially flat (-0.1%) and sat at their lowest level since February. Redfin says that gap between rising supply and sluggish demand is widening buyer negotiating power in most of the country.
For California shoppers, the metro detail matters:
- San Jose posted the biggest jump in new listings among large metros Redfin tracked – up 29.4% year over year.
- San Francisco led large metros for median sale-price growth at +9% year over year, as higher-end buyers stayed active.
- San Jose median sale prices were down 1.7% year over year; San Diego pending sales fell 14.2%.
Key points to know
- National months of supply sits at 4 (up from 3.7 a year earlier). Redfin treats roughly 4 to 5 months as a more balanced market.
- About 20.9% of listings showed a price drop. Homes still sold for a typical 98.7% of list price, and 25.9% of sales went above asking – so move-in-ready homes in desirable spots can still draw competition.
- The median U.S. asking price was down a thin 0.1% year over year. Sale prices were still up 2.2% year over year nationally.
- Payment pressure remains the main brake: Redfin’s modeled median monthly principal-and-interest payment was about $2,592 at a 6.66% mortgage rate for the survey week ending August 27. Freddie Mac’s Primary Mortgage Market Survey later printed 6.71% for the week of September 3.
Why it matters if you are buying or already own
If you are shopping in California right now, a surge in new listings (especially in places like San Jose) can mean more homes to compare before you write an offer. That is selection, not a guarantee of a discount.
Owners who listed earlier in the year and are still waiting may see more competing listings nearby. Price cuts and concessions show up more often when fresh supply rises faster than pending sales – but well-priced, move-in-ready homes can still sell quickly.
Rate context still frames every payment comparison. National averages are not a personal quote; your credit, down payment, loan type, and lock timing drive the number on your Loan Estimate.
Important limits
- These are metro and national averages for a four-week window. Neighborhood and price-point conditions can look very different.
- A 4-year high in new listings does not mean every seller is motivated, or that every buyer should rush.
- San Francisco’s strong price growth alongside soft pending sales elsewhere is a reminder that California is not one market.
Bottom line: Redfin’s latest weekly read shows more fresh inventory than buyers have seen in four years, with California metros split between more choice (San Jose listings) and still-hot pricing in pockets like San Francisco. Use the extra selection to compare homes and total monthly cost – not as a forecast that rates or prices will move your way next week.
Source: Redfin: Homebuyers Have More Fresh Options Than They’ve Had in 4 Years (September 3, 2026). Rate context also references Freddie Mac’s Primary Mortgage Market Survey as of September 3, 2026.