Market Recap

At the end of July 2025, the 30-year fixed mortgage rate was 6.72%, virtually the same as the average rate over the past year. As a consequence, home sales remain sluggish with only a 3.81% increase in transactions over July 2024. The growth in listings relative to a year earlier was much greater at 37.42%. Meanwhile, median prices remained consistent with July 2024 prices.

“As expected, the Federal Open Market Committee of the Federal Reserve Bank kept the federal funds rate unchanged at its July 30 meeting, reflecting ongoing concerns about inflation,” said Steven Bourassa, Director of the Washington Center for Real Estate Research at the University of Washington. “Although the federal funds rate is not directly related to mortgage rates, this decision does suggest that there is unlikely to be any improvement in mortgage rates in the near future.”

Key Takeaways

Active Listings

• There was a 37.42% increase in total number of properties listed for sale year-over-year, with 20,781 active listings on the market at the end of July 2025, compared to 15,122 at the end of July 2024. When compared to the previous month, active inventory increased by 944 listings (+4.76%), up from 19,837 in June 2025.
• The number of homes for sale year-over-year increased throughout the NWMLS coverage area, with 26 out of 27 counties seeing a double-digit year-over-year increase.

New Listings

• NWMLS brokers added 10,418 new listings to the database in July 2025, a year-over-year increase of 12.25% compared to July 2024 (9,281). When compared to the previous month (June 2025), new listings decreased by 4.99%, when 10,965 listings were added to the NWMLS database.
• The number of new listings increased year-over-year in 23 of 27 counties.

Closed Sales

• The number of closed sales increased by 3.81% year-over-year (6,867 in July 2025 compared to 6,615 in July 2024). When compared to the previous month, the number of closed sales increased by 2.58%, up from 6,694 sales in June 2025.

Median Sales Price and Total Dollar Value

• The median sales price for residential homes and condominiums sold in July 2025 was $650,000 — unchanged from July 2024. Compared to the previous month, the median price declined 2.99%, down from $670,000 in June 2025.
• The three counties with the highest median sale prices were San Juan ($906,250), King ($875,000), and Snohomish ($765,000).

Source: NWMLS 8/5/25

Market Recap

Inflation and unemployment concerns prompted the Federal Reserve to maintain the federal funds rate at its current level, “giving a general indication of trends that may affect mortgage rates,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER). Mortgage rates remain stubbornly high at 6.77%, making affordability a challenge for prospective buyers. “The continued anticipation of inflation and concerns about increasing government debt suggests that mortgage interest rates are not likely to go down any time soon,” continued Bourassa.

Selma Hepp of Cotality indicated that though mortgage rates may be daunting, the “increase in the availability of homes for sale and the softening of home prices” indicates the NWMLS service area “is experiencing a re-balancing of housing market trends.”

“As prices moderate, opportunities open up for buyers who have been priced out, which may help stabilize the home market,” continued Hepp.

Key Takeaways

Active Listings

• There was a 38.82% increase year-over-year in the total number of properties listed for sale in the NWMLS service area, from 14,393 in June 2024 to 19,837 active listings in June 2025. When compared to May 2025, June experienced an 8.34% increase from 18,310 listings.
• All 27 counties in the NWMLS service area experienced double-digit, year-over-year increases in active listings.
• The six counties with the highest increases in active inventory were Columbia (+70%), Grant (+61.59%), Snohomish (+50.96%), Whatcom (+49.02%), King (+46.69%) and Adams (+46.51%).

Closed Sales and Months of Inventory

• The number of closed sales increased by 1.01% year-over-year, up from 6,627 in June 2024 to 6,694 in June 2025. When compared to the previous month, the number of closed sales increased by 3.51%, up from 6,467 sales in May 2025.
• A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take a little less than 3 months (2.96) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in June 2025 were Kitsap (2.05), Snohomish (2.12), Thurston (2.19), Pierce (2.65), King (2.72) and Skagit (2.9).

Median Sales Price and Total Dollar Value

• Overall, the median price for residential homes and condominiums sold in June 2025 was $670,000, a slight increase of 3.08% when compared to June 2024 ($650,000). When compared to last month, the median price increased 1.52% from $660,000 in May 2025.

• The three counties with the highest median sale prices were San Juan ($1,035,000), King ($913,563) and Snohomish ($775,000), and the three counties with the lowest median sale prices were Columbia ($275,000), Adams ($320,000) and Ferry ($340,000).

Source: NWMLS 7/3/25

Market Recap

The real estate market continued to experience significant growth in housing inventory across NWMLS’s coverage area. While buyer activity showed some signs of seasonal strength, it continued to lag behind the surge in new and active listings. Buyers may be slow to accepting what may be a new normal, with mortgage rates continuing to hover close to 7% and construction costs hampering new developments.

Still, May brought some encouraging signs for buyers. The number of active listings reached 18,310, marking the highest level of inventory since September 2018 when there were 19,256 homes on the market. In addition, prices showed signs of stabilizing: the median home price declined 1% year-over-year and edged up less than 1% from April, indicating a slowdown in price growth. This increase in supply gives buyers more options and may help ease some competitive pressure.

Key Takeaways

Active Listings

• There was a 42.63% increase year-over-year in the total number of properties listed for sale in the NWMLS service area, from 12,837 in May 2024 to 18,310 active listings in May 2025. This was also a 26.6% increase from 14,459 active listings in April 2025.
• The number of homes for sale year-over-year increased throughout the NWMLS coverage area, with 24 out of 26 counties seeing a double-digit year-over-year increase. The six counties with the highest increases in active inventory were Clallam (+72.5%), Snohomish (+64.1%), Ferry (+59.1%), King (+57.7%), Grant (+53.3%) and Adams (+52.3%).

Closed Sales

• The number of closed sales decreased by 3.3% year-over-year, down from 6,689 in May 2024 to 6,467 in May 2025. When compared to the previous month, the number of closed sales increased by 9.9%, up from 5,887 sales in April 2025.

Median Sales Price

• Overall, the median price for residential homes and condominiums sold in May 2025 was $654,995, a slight decrease of 0.8% when compared to May 2024 ($660,000). When compared to last month, the median price slightly increased ($650,000 in April 2025).
• The three counties with the highest median sale prices were King ($865,000), San Juan ($831,000) and Snohomish ($785,000), and the three counties with the lowest median sale prices were Ferry ($138,000), Columbia ($256,000) and Pacific ($323,000).

Source: NWMLS 6/4/25

Market Recap

As spring gets underway, inventory levels are high but the pace of sales is relatively slow. The number of active listings showed double-digit year-over-year increases in most counties when compared to April 2024, demonstrating that homeowners are primed and ready to sell.

Buyers were granted a bit of a reprieve as mortgage rates stayed relatively consistent throughout April, finishing out the month at 6.76% – the same rate as the end of March 2025. In addition, the median sales price for residential and condominium sales stayed virtually unchanged from March 2025, increasing from $649,999 to $650,000 in April 2025.

“As the number of sellers continues to outpace buyers, it is not surprising that price growth has slowed,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER). Recent media coverage identifies not only socioeconomic uncertainties such as tariffs and inflation, but also the willingness of both buyers and sellers to make concessions as potential factors in final sales prices in the last month.

Key Takeaways

Active Listings

• There was a 47.4% increase year-over-year in the total number of properties listed for sale in the NWMLS service area. There were 14,459 active listings on the market at the end of April 2025,compared to 9,813 at the end of April 2024.
• When compared to the previous month, active inventory increased by 2,819 listings (+24.2%), up from 11,640 in March 2025.
• The number of homes for sale year-over-year increased throughout the NWMLS coverage area, with 24 out of 26 counties seeing a double-digit year-over-year increase. The six counties with the highest increases in active inventory were Snohomish (+84.8%), Columbia (+76.9%), King (+71.3%), Clallam (+70.7%), Whatcom (+68.1%) and Grant (+59.8%).

Closed Sales and Months of Inventory

• The number of closed sales slightly increased by 0.7% year-over-year, up from 5,847 in April 2024 to 5,887 in April 2025. When compared to the previous month, the number of closed sales increased by 8.9%, up from 5,406 sales in March 2025.
• A balanced market is considered around 4 to 6 months of inventory by most industry experts. At the current rate of sales, it would take around two and a half months (2.46) to sell every home that is active in the NWMLS inventory.

Median Sales Price and Total Dollar Value

• Overall, the median price for residential homes and condominiums sold in April 2025 was $650,000, a slight decrease of 0.2% when compared to April 2024 ($651,000). When compared to last month, the median price was virtually unchanged ($649,999 in March 2025).
• The three counties with the highest median sale prices were King ($907,000), Snohomish ($755,500) and San Juan ($665,000), and the three counties with the lowest median sale prices were Okanogan ($289,000), Columbia ($305,000) and Adams ($310,000).

Source: NWMLS 5/6/25

Market Recap

March’s market activity showed some expected seasonal growth as we move into spring, but an imbalance still lingers between buyers and sellers.

30-year mortgage rates dropped from 6.76% to 6.65%, a slight enticement for buyers who are keeping a diligent eye on the market. Sellers looking to take early advantage of seasonal transitions boosted NWMLS’s active listings nearly 44% year-over-year from March 2024.

Key Takeaways

Active and New Listings

• There was a 43.7% increase year-over-year in the total number of properties listed for sale in the NWMLS service area. There were 11,640 active listings on the market at the end of March 2025, with 21 out of 26 counties seeing a double-digit increase compared to March 2024. When compared to the previous month, active inventory increased by 1,192 listings (+11.4%), up from 10,448 in February 2025.
• The six counties with the highest increases in active inventory were Snohomish (+83.1%), Whatcom (+63.1%), King (+59.8%), Cowlitz +(51.7%), Kittitas (+48.3%) and Grant (+43.8%).
• NWMLS brokers added 9,161 new listings in March 2025, a year-over-year increase of 14.1% compared to March 2024 (8,028). When compared to February 2025, new listings increased by 44.4%, when 6,346 listings were added.

Closed Sales

• There were 5,406 closed sales in March 2025, an increase of 4.7% year-over-year compared to 5,165 in March 2024. When compared to February 2025, the number of closed sales increased by 26.7%, up from 4,268 sales.

Median Sales Price

• Overall, the median price for residential homes and condominiums sold in March 2025 was $649,999, an increase of 2.6% when compared to March 2024 ($633,717).
• The three counties with the highest median sale prices were San Juan ($870,000), King ($855,000) and Snohomish ($755,000), and the three counties with the lowest median sale prices were Columbia ($220,000), Ferry ($268,725) and Grays Harbor ($335,100).

Source: NWMLS 4/3/25