Preheat the oven to 350°F (175°C). Grease or line a 9-inch square baking pan with parchment paper.
In a medium bowl, whisk together the flour, baking powder, baking soda, and salt.
In a separate large bowl, cream the butter and sugar until light and fluffy.
Beat in the eggs one at a time, then mix in the vanilla extract and sour cream.
Gradually stir the dry ingredients into the wet ingredients until just combined.
Fold in the diced peaches gently.
Spread the batter evenly into the prepared baking pan.
For the streusel, combine the flour, brown sugar, and cinnamon. Cut in the cold butter until the mixture forms coarse crumbs.
Sprinkle the streusel evenly over the cake batter.
Bake for 40–45 minutes, or until a toothpick inserted in the center comes out clean.
Let the cake cool for at least 15 minutes. If desired, whisk together the glaze ingredients and drizzle over the cooled cake before slicing.