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A tale of two cities and their housing markets
According to a new analysis from Redfin, San Francisco and Seattle are two of the nation’s leading technology hubs. However, the cities are currently at opposite ends of the housing market. San Francisco’s housing market continues to boom, while Seattle’s is beginning to cool.
San Francisco’s median home-sale price jumped 6% year over year in July 2026 to $1.6 million, making it the priciest metro area in the United States. Meanwhile, Seattle’s median sale price declined 4% to $809,000, approximately half the price of San Francisco’s typical home. Seattle’s home price decline was the second-biggest among the 50 most populous U.S. metros.
The two cities tell a very different story in their home sales. In San Francisco, home sales rose 9% from 2025, the second-biggest uptick in the country. In Seattle, home sales fell 9%, the fifth-biggest decline in the nation.
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Select markets see stronger housing growth
According to the September 2026 U.S. Home Price Insights report from Cotality, national home price growth remained modest, rising 1.4% year over year. Mortgage rates continue to impact the housing market, as July experienced a cooldown.
However, as Cotality’s Chief Economist Dr. Selma Hepp points out, beneath the headline numbers, momentum is shifting meaningfully. Select markets experiencing sharper price slowdowns have seen stronger growth in active inventory.
“As we move through the remainder of the year, local labor market dynamics and affordability constraints will continue to shape housing market performance as much as broader macroeconomic shifts, especially the direction of mortgage rates,” said Hepp.
Hepp said that several high-cost coastal markets, which previously posted strong yearly gains, are now showing near-term weakness. San Francisco was up 7.0% year over year, but prices fell 1.4% month over month.
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Trumark Homes expands presence in Washington
Trumark Homes announced its first land acquisition in Poulsbo, Washington, for Sandstone Ridge, a new 87-home community.
This comes after the company acquired Washington-based homebuilder JK Monarch in March.
Trumark Homes also announced its plans to transition ten active communities from JK Monarch’s name under the Trumark Homes brand. This Washington Division joined the existing teams in Northern, Central and Southern California and Colorado.
“The vision since day one was for Trumark Homes to be a Top 5 homebuilder in the Pacific Northwest, and the announcement of Sandstone Ridge is an important step towards that goal,” said Corey Watson, Washington Division President at Trumark Homes. “With enhanced capital and operational resources behind us, we can scale up quickly and pursue growth opportunities. We are well-positioned for an active Q4 2026 and beyond.”
Project development of the new community is in motion, with home sales expected in spring 2027.
Homes in the Sandstone community plan to range from 2,542 square feet to 3,087 square feet, with up to five bedrooms, three-and-a-half bathrooms and two-car garages.
“The greater Seattle market has been a target for expansion since we entered the market in Q1, and with the experience of this team and the investment of financial and operational resources, we are beginning to execute on our strategic land plan,” said Steve Kalmbach, Chief Operating Officer at Trumark Homes. “We are actively engaged in conversations with landowners across the region and see a clear runway for sustained growth.”
Photos courtesy of Trumark Homes
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Mortgage applications decline in August
Mortgage application activity continued to decline in August, as shown in the Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume. The MBA declined 3.2% month-over-month in August on a seasonally adjusted basis, marking the sixth consecutive monthly decline. Compared to a year ago, total mortgage applications declined 9.1%.
Applications for adjustable-rate mortgages (ARMs) and fixed-rate mortgages (FRMs) decreased 0.6% and 3.4% month-over-month, respectively. Compared with a year earlier, ARM application volume fell 18.2%, while FRM applications declined 8.2%.
Average loan sizes also declined across all categories last month, with the overall loan size decreasing 2.3% to $375,300.
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Mortgage rates reflect buyers adapting to market conditions
Freddie Mac released the results of its Primary Mortgage Market Survey on Sept. 3, 2026, revealing that the 30-year fixed-rate mortgage (FRM) averaged 6.71%. The FRM remains stable, reflecting homebuyers’ adaptation to current market conditions.
“The 30-year fixed-rate mortgage averaged 6.71% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Purchase demand has remained relatively stable, indicating steady interest from buyers adapting to evolving market conditions.”
The 30-year FRM is up from the week before when it averaged 6.66%. A year ago at this time, the 30-year FRM averaged 6.50%.
The 15-year FRM averaged 6.04%, up from 5.98% the previous week. A year ago at this time, the 15-year FRM averaged 5.60%.
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Prime land prices rise, outlying land readjusts
Well-located land is in high demand, as seen in research from John Burns Research and Consulting (JBREC). The company’s 2Q26 Residential Land Survey of the top land brokers nationwide reported the following: Demand remains lower than it was a few years ago. In 2Q24, 76% of brokers rated land demand as Hot or On Fire, but by 2Q26, that number decreased to 33%. However, finished lot prices continue to rise in high-quality A-B locations, up +5% year over year (YOY), while prices fell -2% YOY in farther-out C-D locations.
Higher-quality land is in higher demand, but there are still factors builders and developers should keep an eye on. Developers are encouraged to look out for easing growth. Meanwhile, builders may be able to push for better terms in negotiations with developers in some markets, particularly in oversupplied C-D areas.
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Goodbye cool interiors, hello earthy tones
Throughout 2026, we have seen interior design move away from cool interiors and clean lines and instead towards spaces that feel warmer and more personal. There has been a growing emphasis on natural materials, earthy tones and pieces that bring individuality into the home.
Warm, earthy tones continue to influence interiors in 2026, bringing depth and comfort into contemporary spaces. Mocha, olive, terracotta and chocolate are replacing neutral palettes, creating rooms that feel grounded and inviting. Rather than dominating a space, these colors work beautifully when layered through artwork, natural materials and subtle accents.
The result is an interior that feels warm and sophisticated without losing its contemporary edge.
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How California kitchen designs are evolving
In Southern California homes, kitchen designs are moving away from cold, showroom-style spaces toward warmer, more livable rooms. While indoor-outdoor flow remains the defining feature, warm wood and natural materials are becoming just as important in kitchen designs.
Large glass pocket doors connect the kitchen directly to the patio, allowing entertainment to flow naturally between both spaces. Homeowners continue to prioritize a seamless blend between indoor and outdoor living, paving the way for open floor plans in kitchens to continue in popularity.
Shifting towards color palettes, white kitchens are evolving rather than disappearing entirely. Homeowners are pairing lighter upper cabinets with a darker, contrasting island or lower cabinetry for a two-tone look. As a result, this layered approach gives a modern kitchen more visual interest than an all-one-color design, while still keeping the space feeling bright.
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Tri Pointe Homes unveils LivingWell in Utah
Tri Pointe Homes announced the completion of its LivingWell concept home and the start of sales at Pavilions at Holladay Hills, an exclusive collection of six one-of-a-kind luxury estate residences in Holladay, Utah. The completed concept home gives prospective buyers their first opportunity to experience LivingWell, Tri Pointe’s next-generation approach to whole-home wellness.

Photography by Kara Mercer “LivingWell represents an important evolution in how we think about designing homes,” said Tom Mitchell, President and Chief Operating Officer of Tri Pointe Homes. “Buyers increasingly want homes that contribute meaningfully to the lives they hope to lead. Luxury is no longer measured by scale or finishes alone, but by whether a home can adapt, restore and support the people living there. Pavilions at Holladay Hills is Tri Pointe’s response, offering residences that are highly personalized, flexible over time and holistically focused on human wellbeing.”
The LivingWell concept home integrates wellness throughout the entire home, rather than confining it to individual rooms or amenities. Organized around a private interior courtyard, the three-story, 7,774-square-foot contemporary English manor includes six bedrooms, nine bathrooms, a four-bay garage and a separate carriage home for guests or multigenerational living. Its orientation, enhanced glazing and circulation draw natural light into the interior while strengthening indoor-outdoor living.

Photography by Ikon Media “Good design should support our routines while making space for the ways we evolve,” said Bobby Berk, LivingWell’s designer, Emmy-winning TV host and author. “LivingWell brings that balance of comfort and freedom into wellness-oriented spaces that are deeply connected to the people who live there. This project is exciting because it doesn’t view wellness as just another trend. LivingWell is a platform for imagining where residential design can go next.”

Photography by Kara Mercer The project builds upon Tri Pointe Homes’ LivingSmart program, the company’s longterm commitment to sustainability, energy efficiency and responsible building practices. LivingWell extends to how a home feels by incorporating light, flow, comfort, connection and adaptability into the routines of daily life. The approach is anticipated to be expressed across all six residences at Pavilions at Holladay Hills.
Please visit tripointehomes.com for more information.
Backyard and primary bathroom photos courtesy of Ikon Media.
Kitchen and dining room photos courtesy of Kara Mercer.
Photos courtesy of Tri Pointe Homes.
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Prime land prices rise, outlying land readjusts
Well-located land is in high demand, as seen in research from John Burns Research and Consulting (JBREC). The company’s 2Q26 Residential Land Survey of the top land brokers nationwide reported the following: Demand remains lower than it was a few years ago. In 2Q24, 76% of brokers rated land demand as Hot or On Fire, but by 2Q26, that number decreased to 33%. However, finished lot prices continue to rise in high-quality A-B locations, up +5% year over year (YOY), while prices fell -2% YOY in farther-out C-D locations.
Higher-quality land is in higher demand, but there are still factors builders and developers should keep an eye on. Developers are encouraged to look out for easing growth. Meanwhile, builders may be able to push for better terms in negotiations with developers in some markets, particularly in oversupplied C-D areas.
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Mortgage rates hold steady
Results from Freddie Mac’s Primary Mortgage Market Survey revealed that the 30-year fixed-rate mortgage (FRM) averaged 6.66% on Aug. 27, 2026. This is the second time in August that mortgage rates have averaged 6.66%. Mortgage rates remain relatively unchanged throughout the month, holding steady.
“Mortgage rates changed little this week, averaging 6.66%,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy remains resilient, demonstrated by steady consumer spending and rising household incomes. More homes coming on the market and slower price growth in many areas are giving buyers better options and helping create a more balanced housing market.”
The current FRM is slightly up from last week’s average of 6.65%. A year ago at this time, the 30-year FRM averaged 6.56%. The 15-year FRM averaged 5.98%, up from last week when it averaged 5.95%. A year ago at this time, the 15-year FRM averaged 5.69%.
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Goodbye cool interiors, hello earthy tones
Throughout 2026, we have seen interior design move away from cool interiors and clean lines and instead towards spaces that feel warmer and more personal. There has been a growing emphasis on natural materials, earthy tones and pieces that bring individuality into the home.
Warm, earthy tones continue to influence interiors in 2026, bringing depth and comfort into contemporary spaces. Mocha, olive, terracotta and chocolate are replacing neutral palettes, creating rooms that feel grounded and inviting. Rather than dominating a space, these colors work beautifully when layered through artwork, natural materials and subtle accents.
The result is an interior that feels warm and sophisticated without losing its contemporary edge.
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California scores most expensive mid-year home sale
The most expensive U.S. home sale of July came from a Bel Air estate in California, known as Casa Encantada. The luxury home sold for $130 million, making it the second-most expensive home sale of 2026 so far.
The other three top sales also came from Southern California: a beachfront Malibu mansion, an architectural gem in Orange County and a Beverly Hills compound. The most expensive mid-summer sales also include two townhouses in Manhattan, New York, and three oceanfront Florida estates.
All 10 of July’s most expensive homes sold for at least $40 million.
Luxury and custom homes continue to provide light in the midst of a struggling housing market.
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Mortgage rates average 6.67%
According to Freddie Mac’s Primary Mortgage Survey (PMS) released on Aug. 13, 2026, the 30-year fixed-rate mortgage (FRM) averaged 6.67%, a slight decrease from the previous week’s average of 6.69%.
“Mortgage rates remained relatively stable this week at 6.67%,” said Sam Khater, Freddie Mac’s Chief Economist. “Housing affordability has improved from a year ago and recent increases in purchase and refinance applications suggest that borrowers continue to respond to even modest changes in mortgage rates.”
A year ago at this time, the 30-year FRM averaged 6.58%.
The 15-year FRM averaged 5.96%, down from the previous week when it averaged 6.01%. A year ago at this time, the 15-year FRM averaged 5.71%.
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Landmark housing law urges for zoning guidelines
The newly enacted 21st Century ROAD to Housing Act directs the Department of Housing and Urban Development to develop voluntary federal guidelines for state and local zoning best practices. Such guidelines will help shape how communities are evaluated for federal grants and give states a model for developing their own enabling legislation.
According to the National Association of Home Builders, providing these guidelines will address many state and local zoning rules that restrict home building and raise costs. By creating land-use and zoning guidelines with input from a national task force of planning, housing, transit, academic and building experts, this landmark housing law aims to remove regulatory barriers and increase housing production across all income levels.
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Builder confidence edges higher in August
According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released on Aug. 17, 2026, builder confidence in the market for newly built single-family homes inched up one point to 35 in August.
“While builder sentiment edged higher in August, builders continue to contend with high construction costs and broader economic uncertainty,” said NAHB Chairman Bill Owens, a home builder and remodeler from Worthington, Ohio. “However, the Midwest remains a bright spot for the home building industry, with new home sales up in that region more than 2% so far in 2026.”
“Custom home builders continue to report stronger market conditions than spec builders, reflecting better conditions at the higher end of the market,” said NAHB Chief Economist Robert Dietz. “Smaller, less dense markets are also outperforming larger metropolitan areas, and smaller builders report relatively stronger conditions than larger builders.”
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July building permits 5% above June estimate
The United States Census Bureau released the Monthly New Residential Construction for July 2026. Privately owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,443,000, 5% above the revised June rate of 1,374,000 and 3.1% above the July 2025 rate of 1,400,000.
Privately owned housing starts were at a seasonally adjusted annual rate of 1,239,000, 12.4% below the revised June estimate of 1,415,000 and 13.5% below the July 2025 rate of 1,432,000. Single-family housing starts in July were at a rate of 808,000.
Privately owned housing completions were at a seasonally adjusted annual rate of 1,212,000, 9.1 percent% below the revised June estimate of 1,333,000 and 16.8% below the July 2025 rate of 1,456,000.
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How California kitchen designs are evolving
In Southern California homes, kitchen designs are moving away from cold, showroom-style spaces toward warmer, more livable rooms. While indoor-outdoor flow remains the defining feature, warm wood and natural materials are becoming just as important in kitchen designs.
Large glass pocket doors connect the kitchen directly to the patio, allowing entertainment to flow naturally between both spaces. Homeowners continue to prioritize a seamless blend between indoor and outdoor living, paving the way for open floor plans in kitchens to continue in popularity.
Shifting towards color palettes, white kitchens are evolving rather than disappearing entirely. Homeowners are pairing lighter upper cabinets with a darker, contrasting island or lower cabinetry for a two-tone look. As a result, this layered approach gives a modern kitchen more visual interest than an all-one-color design, while still keeping the space feeling bright.
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