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.”

Explore more details from September…

Source: NWMLS 10/6/26

The August Market Stats are here:

• Inventory growth is still the biggest story, with active listings up 22% year over year.
• Both pending and closed sales have slowed since August 2025.
• Despite the growing number of listings, median sales price declined just 2.3% year over year, to $635,000.

Explore all the stats from August…

Source: NWMLS 9/3/26

In summary, compared to July 2025, the July 2026 stats show:

• Active listings increased 19.8%
• Closed sales decreased 3.2%
• Pending sales declined 7.2%
• The median sales price decreased 1.5%
• Keybox activity and scheduled showings were lower

Steven Bourassa, Director of the Washington Center for Real Estate Research: “Interest rates, which averaged over 6.5% during the month (slightly higher than the previous month), continued to discourage buyers. The Federal Reserve Bank’s Federal Open Market Committee (FOMC) kept short-term interest rates unchanged when they met late in the month due to the ongoing pressures of high inflation stemming from the continuing war with Iran. Expectations are that the FOMC will increase short-term rates later this year and early next year, implying that longer-term rates are also likely to go up.”

Source: NWMLS 8/4/26

Housing inventory continued to expand across the NWMLS service area in June, giving buyers the greatest selection of homes this year. Active listings increased 16.4% year over year and 8.0% from May, reaching 23,088 homes on the market. Buyers had access to more than 1,700 additional homes than the previous month, continuing the market’s gradual shift toward more balanced conditions.

• Inventory continues to grow, with active listings up 16.4% year over year and buyers gaining access to 1,700+ more homes than in May.
• Buyers are still active, with closed sales increasing 2.3% from last year.
• The market is becoming more balanced, with almost 3.4 months of inventory.
• Median home prices held steady from May at $650,000.

Source: NWMLS 7/2/26

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

Market Recap

Housing supply continued to expand across the NWMLS service area in April, with active listings rising 28.4% year over year and increasing more than 23% from March as the spring market gained momentum. While inventory expanded, market activity remained mixed: closed sales declined 3.7% year over year, even as showings and keybox accesses increased from both March and April 2025. The median sales price remained unchanged from a year ago at $650,000, reflecting a market with more choices for buyers but continued affordability constraints.

Mortgage rates remained elevated in April, with average rates slightly higher than in March, and the Federal Reserve held short-term rates steady, citing ongoing inflation pressures, including rising energy costs. Ongoing global uncertainty, including the war in Iran, continued to put upward pressure on interest rates and weigh on housing demand.

Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington, said, “We are continuing to see relatively weak demand in the NWMLS market area (as elsewhere in the U.S.), with listings substantially higher than a year earlier, transactions down almost 4%, and median prices unchanged. At the moment, it is difficult to see any improvement on the horizon with the Iran war stuck in a stalemate.”

Key Takeaways

Active Listings

• The total number of properties listed for sale increased 28.4% year over year, with 18,563 active listings on the market at the end of April 2026, compared to 14,459 at the end of April 2025. Month over month, active inventory increased by 23.4%, up from 15,049 in March 2026.

Closed Sales

• Closed sales decreased by 3.7% year over year, with 5,674 transactions in April 2026 compared to 5,887 in April 2025. Month over month, sales increased by 4.7%, up from 5,417 in March 2026.

Median Sales Price

• The median sales price for residential homes and condominiums sold in April 2026 was $650,000, showing no change from April 2025 ($650,000). Month over month, the median price increased 1.6% from $640,000 in March 2026.
• The counties with the highest median sales prices were San Juan ($1,225,000), King ($859,000), and Snohomish ($750,000), while the lowest median prices were recorded in Ferry ($250,000), Adams ($290,000), and Columbia ($322,000). 

Source: NWMLS 5/5/26

Market Recap

A continued rise in inventory, combined with renewed pressure from rising mortgage rates, defined Washington’s housing market in March as listings climbed sharply while sales remained largely unchanged.

Active listings rose 29.3% year over year to 15,049 homes, with nearly every county reporting gains and 20 of 27 counties posting double-digit increases.

Closed sales totaled 5,417 in March, up just 0.2% from a year ago, though activity picked up significantly from February with a nearly 31% month-over-month increase. The median sales price was $640,000, down 1.5% year over year but up 3.2% from February. Total sales volume reached $4.29 billion across residential and condominium transactions.

“Washington continues to mirror national trends by adding listings at a rate that is far outpacing any growth in sales,” said Steven Bourassa, director of the Washington Center for Real Estate Research. “Active listings in the NWMLS service area in March 2026 increased 29% year over year, while the number of sales remained unchanged. In a nutshell, sellers have decided that they need to get on with their lives in spite of the fact that many would be giving up low-interest-rate mortgages. However, potential purchasers cannot afford to buy.”

Bourassa added that rising global uncertainty—including the recent conflict with Iran—has pushed mortgage rates back up to 6.38% by the end of March after briefly dipping below 6% in February. The last time rates were this high was in early September 2025.

Key Takeaways

Active Listings

• The total number of properties listed for sale increased 29.3% year over year, with 15,049 active listings on the market at the end of March 2026, compared to 11,640 at the end of March 2025. Month over month, active inventory increased 12.8%, up from 13,341 in February 2026.
• Nearly all NWMLS counties experienced year-over-year inventory growth, with 20 of 27 counties posting double-digit increases.

Closed Sales

• Closed sales increased by 0.2% year over year, with 5,417 transactions in March 2026 compared to 5,406 in March 2025. Month over month, sales increased by nearly 31%, up from 4,139 in February 2026.
• Year over year, closed sales increased in 14 of 27 counties, while 13 counties saw decreases.

Median Sales Price

• The median sales price for residential homes and condominiums sold in March 2026 was $640,000, a 1.5% decrease from March 2025 ($649,999). Month over month, the median price increased 3.2% from $620,000 in February 2026.

Source: NWMLS 4/2/26

Market Recap

Inventory continued to expand across the region in February, providing buyers with significantly more options than a year ago. Active listings increased nearly 28% year over year to 13,341 properties, with 19 of 27 counties posting double-digit gains. Compared to January, inventory rose 7.8%, signaling continued seller participation heading into the spring market.

Closed sales totaled 4,139 transactions, down 3% from February 2025 but up 19.5% from January. The median sales price for residential homes and condominiums reached $620,000, down 1.6% from last year while rising 4.2% compared to the prior month.

Key Takeaways

Active Listings

• The total number of properties listed for sale increased nearly 28% year over year, with 13,341 active listings on the market at the end of February 2026, compared to 10,448 at the end of February 2025. Month over month, active inventory increased by 7.8%, up from 12,376 in January 2026.

Closed Sales

• Closed sales decreased 3% year over year, with 4,139 sales in February 2026 compared to 4,268 in February 2025. Month over month, sales increased 19.5%, up from 3,465 in January 2026.

Median Sales Price

• The median sales price for residential homes and condominiums sold in February 2026 was $620,000, a 1.6% decrease from February 2025 ($630,000). Month over month, the median price increased 4.2% from $595,000 in January 2026.

Source: NWMLS 3/4/26

Market Recap

January housing market data shows a continuation of recent trends, with growing inventory outpacing buyer demand across much of Washington state. Active listings increased nearly 21% year over year, while closed sales declined 7% and median prices fell 3%.

“Substantial year-over-year growth in active listings continues to be accompanied by much slower, even negative growth in sales and median prices,” said Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington.

Compared to December, inventory rose nearly 6% in January, while closed sales dropped 31% and median prices declined about 3%. The data suggests more homeowners are willing to sell, while affordability constraints continue to limit buyer participation.

Key Takeaways

Active Listings

• The total number of properties listed for sale increased 20.9% year over year, with 12,376 active listings on the market at the end of January 2026, compared to 10,241 at the end of January 2025. Month over month, active inventory increased by 5.6%, up from 11,718 in December 2025.

Closed Sales

• Closed sales decreased 7% year over year, with 3,465 transactions in January 2026 compared to 3,727 in January 2025. Month over month, sales decreased 30.8% from 5,010 in December 2025.

Median Sales Price

• The median sales price for residential homes and condominiums sold in January 2026 was $595,000, down 3.25% from January 2025 ($615,000). Month over month, the median price declined 2.8% from $612,250 in December 2025.
• The counties with the highest median sales prices were San Juan ($969,000), King ($770,000), and Snohomish ($678,500), while the lowest median prices were recorded in Columbia ($265,000), Okanogan ($330,000), and Grant ($339,900).

Source: NWMLS 2/4/26

Inventory Rose and Prices Held Steady

Sales Recap

The number of closed sales showed a slight year-over-year increase of 0.21%, up by 141 transactions compared to 2024’s total of 67,788. Total dollar volume also edged upward from just under $54.5 billion.

The median sales price for completed transactions reached $644,500, a 0.7% increase over 2024’s median of $640,000. For perspective, the median price in 2015 was $310,000, illustrating a decade of sustained home value growth. Homes sold for an average of 99.6% of the list price, reflecting a market that has gradually shifted away from the extremely competitive bidding conditions seen in earlier years.

Despite increased inventory, affordability constraints continued to weigh on market activity. Average active listings rose more than 34% compared to 2024, while new listings increased by only 8.9%, implying a longer time on the market for listings. As a result, sales transactions remained virtually unchanged, and median prices rose by less than 1%.

Listing Activity

When reviewing the overall inventory of all active listings, on average there were 16,007 active listings in the NWMLS database each month in 2025, a 34.4% increase from 2024’s average of 11,910.

Months of supply averaged 2.83 months, an improvement from the previous year’s 2.11 months, but still short of the 4–6 months typically associated with a balanced market. Inventory levels were lowest in March at 2.15 months and highest in September at 3.25 months.

Source: NWMLS 1/15/26

Feel free to contact me for more details and/or statistical graphs!