The market is softening heading into fall, and that's good news if you're buying. Here's the latest on prices, rates, and exactly how much you need down for every loan type.

Happy September! With fall right around the corner, I want to give you a quick update on where the Burbank, Glendale, and North Hollywood market stands, and then walk you through exactly what you'd need to put down if you're thinking about buying. Let's compare August of last year to this August.

Last August, 153 properties changed hands across these markets. This year, that number came in at 118, a drop of about 23%. So we're seeing some real softening. Inventory is building up a bit, and here's the part that matters if you're a buyer: sellers don't have as much fluff on their listing prices anymore. That means real opportunities to choose from fantastic homes without the frenzy we've seen in years past.

Prices have eased slightly too. Last August, the average sale price was $1,248,000. This year it's about $1,220,000, down roughly 3%. Interest rates ticked up over the same window, from about 6.49% last year to about 6.72% this year, a small increase of a few percent. None of this is dramatic, but together it adds up to a calmer, more buyer-friendly market heading into the fall.

“It's a shift in what's selling, not a crash.”

Since financing is where a lot of buyers get stuck, let me quickly walk through what today's buyers are actually using, and how much you'd need down for each. With conventional financing, backed by Freddie Mac and Fannie Mae, first-time home buyers can get in with just 3% down, and if you're not a first-time buyer, as little as 5% down. FHA loans, through the Federal Housing Administration, are sometimes a little easier to qualify for and require 3.5% down. Non-qualifying mortgages, also called bank statement loans, let you qualify without showing tax returns and generally run about 15% down.

And jumbo mortgages, which cover anything above the 2026 conforming limit of $832,750, typically require 10% down with no mortgage insurance. Every situation is different, and these are general guidelines rather than hard rules, so the right fit really depends on your goals.

If you have any questions about the market or which financing makes sense for you, I'd love to hear from you. Call or text me at 818-953-5300, email me at brad@bradkorb.com, or visit bradkorb.com. I hope you're having a great week, and here's to getting ready for the fall and the holiday season ahead.