Homebuyers across the Northwest Multiple Listing Service (NWMLS) service area had more homes to choose from in September than at any point since September 2014. Active listings increased 24.5% from a year earlier to 24,965, giving buyers a wider selection of properties and more opportunities to find a home that fits their needs and preferences. Pending sales declined 15.1% to 6,231, while the median sales price was nearly unchanged at $625,000, down 0.9%.

Closed sales fell 8.9% to 5,623, also the lowest for any September since at least 2014, and months of inventory reached 4.44, the highest level since February 2014. September’s drop in pending sales was the sharpest year-over-year decline of 2026, and the NWMLS median price has been flat or below its year-earlier level every month this year.

Pending sales have declined year over year in seven of the first nine months of 2026, and September’s decline was more than double August’s 6.5% drop. For every 100 new listings added in September, buyers went under contract on about 62 homes, down from about 80 a year earlier.

Mortgage rates rose through the month. The average 30-year fixed rate climbed from 6.71% on September 3 to 7.03% on September 24, according to Freddie Mac. In the first week of October, it rose further to 7.28%.

“Recent months have demonstrated what economists call ‘downward stickiness’ in home prices,” said Steven Bourassa, director of the Washington Center for Real Estate Research. “Prices tend to rise quickly in a strong market but can be slower to fall when conditions weaken, in part because sellers may have the flexibility to wait rather than accept a lower price. Meanwhile, inventory continues to grow and sales have slowed, while higher mortgage rates are adding to affordability challenges for buyers. As a result, months of inventory has risen from 2.8 in March to 4.4 in September.”

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Source: NWMLS 10/6/26