Pending Home Sales Dip — Is Now Still a Good Time to Buy in CA?

Pending home sales fell over 5% last month as high rates and record prices kept buyers cautious. But for prepared buyers, a slower market can actually work in your favor.

Signed home purchase contracts dropped more than 5% last month compared to the month before, and were essentially flat compared to a year ago. The culprit? A combination of still-elevated mortgage rates and home prices that continue to set new records nationally. First-time buyers are feeling this the most — squeezed on both ends by higher monthly payments and steep down payment requirements.

Here in California, where home prices were already among the highest in the nation, affordability pressure is even more acute. That said, a slower market isn't necessarily bad news for buyers who are ready to move.

When buyer demand softens, you often see less competition, more negotiating room on price, and sellers more willing to offer concessions — things like covering closing costs or buying down your interest rate. These are opportunities that simply didn't exist during the peak frenzy years.

The key is being financially prepared so you can act when the right home comes along. That means getting pre-approved, understanding your budget at today's rates, and having a strategy.

Ready to see what you qualify for? Reach out to our team for a free consultation — we'll help you find the smartest path to homeownership in today's market.