Housing inventory continued to expand across the NWMLS service area in May, giving buyers more choices as the market moved into the summer season. Active listings increased 16.8% year over year and 15.2% from April, reaching 21,381 homes on the market — the highest inventory level recorded so far in 2026. Buyers had access to nearly 2,800 more homes than the previous month, while months of inventory increased to 3.44 months, continuing a gradual shift toward a more balanced market.

Despite ongoing affordability challenges, buyer activity remained steady. Pending sales increased 7.7% from April and closed sales rose 9.5% month over month, reflecting continued market activity as the spring buying season transitioned into summer. Home prices remained remarkably stable despite growing inventory, with the median sales price holding at $650,000 for the second consecutive month and declining less than 1% compared to May 2025.

While inventory levels continued to grow, elevated mortgage rates remained a key factor influencing buyer demand and affordability.

Key Takeaways

Active Listings

• The total number of properties listed for sale increased 16.8% year over year, with 21,381 active listings on the market at the end of May 2026, compared to 18,310 at the end of May 2025. Month over month, active inventory increased 15.2%, up from 18,563 in April 2026.

Pending and Closed Sales

• There were 8,168 residential and condominium units under contract in May 2026, a slight decrease of 1.0% compared to May 2025 (8,249). Pending sales increased 7.7% from April 2026, when 7,584 listings were under contract.
• Closed sales decreased 3.9% year over year, with 6,213 transactions in May 2026 compared to 6,467 in May 2025. Month over month, sales increased 9.5%, up from 5,674 in April 2026.

Median Sales Price

• The median sales price for residential homes and condominiums sold in May 2026 was $650,000, down 0.8% from May 2025 ($654,995) and unchanged from April 2026.

Source: NWMLS 6/3/26