Washington Home Listings Jump as Sales Cool
Buyers in the Northwest have more homes to pick from, but higher mortgage rates are slowing deals and softening prices.
Updated on Nov. 7, 2026 in Residential
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Active home listings in the Northwest Multiple Listing Service area rose more than 25% year over year, while pending home sales fell nearly 18%. Washington buyers are facing more choice but a cooling market as mortgage rates climbed through October.
Why it matters
More listings give buyers room to negotiate, but high borrowing costs are keeping many buyers on the sidelines, and that shapes what homes sell for and how long they sit. The shift came as mortgage rates rose further in October, fueled by high inflation.
Active listings in the Northwest MLS area are up more than 25% from a year ago, while pending sales fell nearly 18%. The overall median sales price dropped 3.1% to $620,000, and the median condo price hit $435,000 in October, the lowest since February 2023.
The players
Northwest Multiple Listing Service
A regional listing service that tracks home inventory, pending sales, and median prices across Washington and the Northwest.
Freddie Mac
A government-sponsored mortgage company whose weekly Primary Mortgage Market Survey is the standard benchmark for average U.S. 30-year fixed rates.
The details
Listing data from the Northwest Multiple Listing Service shows more homes coming to market than buyers are contracting for, which is the classic setup for softer prices. Freddie Mac's weekly survey recorded the average 30-year fixed rate at 7.40% in the weeks of October 8 and October 15, up from 6.86% in September and 6.17% a year earlier. Rates eased to 7.24% by October 29, but the gap with last year still makes monthly payments on a typical loan noticeably higher. Pricing between June and August saw the steepest decline since 2022, and the October figures show that softness has carried into the fall.
Timeline
June to August: steepest home price decline since 2022.
September: 30-year mortgage averaged 6.86%.
October 8 and October 15: mortgage rate peaked at 7.40%.
October 29: mortgage rate dropped to 7.24%.
The Home Front
Freddie Mac's 30-year fixed series, which stood at 6.17% a year earlier, is the benchmark behind this slowdown, and October's 7.40% peak sits well above it. Washington's inventory swing is one piece of a broader cooling in which rate-driven affordability limits buyer demand.
If you are planning to sell, expect more competition from listings that are sitting longer, and price with that in mind. If you are buying, the extra inventory gives you more room to negotiate, but compare your monthly payment at current rates against what you were quoted a year ago before you commit.
The takeaway
More listings do not automatically mean lower payments, because borrowing costs drive what you can afford. Before you list or bid, ask a licensed lender to model your payment at today's rate and a lower one.
Further reading
For more on how these shifts reach individual neighborhoods, browse Residential coverage for Washington.
Source note: This article includes information reported by My Northwest.
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