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