Washington Housing Inventory Reaches Highest Level Since 2014 as Buyer Activity Slows

Homebuyers across the Northwest Multiple Listing Service (NWMLS) region had significantly more properties to choose from in September as inventory reached its highest level in more than a decade.

The latest NWMLS market report, released October 6, shows that active listings increased 24.5% year over year to 24,965 homes across the service’s 27-county coverage area. That was the highest September inventory level since 2014. (nwmls.com)

More Homes Are Available

The increase in inventory continued a trend that has been developing throughout 2026.

NWMLS reported that 24 of its 27 counties recorded year-over-year inventory growth in September. The largest increases were in Wahkiakum, Walla Walla, Snohomish, Douglas and Thurston counties.

Inventory also increased substantially in some of the region’s largest markets, including King County, where active listings rose 31.1%, and Pierce County, where listings increased 21.6%. (nwmls.com)

NWMLS brokers added 9,996 new listings during September, an 8.7% increase from September 2025. (nwmls.com)

Pending and Closed Sales Decline

While inventory expanded, buyer activity slowed.

NWMLS recorded 6,231 pending sales in September, down 15.1% from the same month last year. The decline was the largest year-over-year drop in pending sales recorded by NWMLS during 2026. (nwmls.com)

Closed sales also declined, falling 8.9% to 5,623 transactions. NWMLS said that was the lowest September total in its data going back at least to 2014. (nwmls.com)

The combination of more available homes and fewer completed transactions pushed the region’s inventory level to 4.44 months, the highest level since February 2014. (nwmls.com)

Home Prices Remain Relatively Stable

Despite the slowdown in sales, prices have not experienced a comparable decline.

The median sales price for residential homes and condominiums across the NWMLS service area was $625,000 in September, down just 0.9% from $630,700 a year earlier. (nwmls.com)

King County’s combined median sales price remained at $850,000, unchanged from a year earlier. Snohomish County’s median was $720,000, down 0.4%. (nwmls.com)

The relatively small price movement compared with the much larger change in inventory suggests that sellers have generally maintained their asking expectations even as buyers have gained more choices.

Condos Are Seeing a Sharper Slowdown

The condominium market experienced a more pronounced decline than the overall residential market.

Pending condo sales fell 22.7% year over year, while closed condo sales declined 19.1%.

The median condo price fell 4.7% to $455,000, compared with a 1.1% decline in the median price of single-family homes, to $643,000.

The figures indicate that condos are experiencing weaker transaction activity and somewhat greater price pressure than single-family properties in the NWMLS market.

Mortgage Rates Remain Elevated

Mortgage rates also moved higher during September.

Freddie Mac’s Primary Mortgage Market Survey shows the average 30-year fixed mortgage rate increased from 6.71% on September 3 to 7.03% on September 24. By October 1, the average had reached 7.28%. (freddiemac.com)

Higher mortgage rates can increase the monthly cost of financing a home and may cause some prospective buyers to delay purchases or reduce their budgets.

However, mortgage rates are only one factor affecting housing activity. Local prices, inventory, household finances and buyer expectations also influence the pace of sales.

What This Means for Buyers

The current market provides buyers with considerably more selection than they had a year ago.

More inventory can give prospective homeowners additional time to compare properties, conduct inspections and evaluate financing rather than making decisions in a highly competitive environment.

Buyers should still evaluate the full cost of ownership, including mortgage payments, property taxes, homeowners insurance, maintenance and HOA fees where applicable.

What This Means for Sellers

Sellers are entering a more competitive environment.

With nearly 25,000 active listings across the NWMLS region and pending sales down significantly, properties may need to compete more directly for buyers’ attention.

Competitive pricing, good property presentation and realistic expectations about market timing can become increasingly important when buyers have more alternatives.

Local conditions can vary considerably, so statewide or regional statistics should not be assumed to describe every individual neighborhood.

Key Takeaway

The September data show a clear shift toward greater housing availability and slower transaction activity across the NWMLS service area.

Active listings reached 24,965, the highest September level since 2014, while pending sales fell 15.1% and closed sales declined 8.9%. At the same time, the median sales price remained relatively stable at $625,000. (nwmls.com)

For buyers, the expanded inventory means more choices and potentially more time to make decisions. For sellers, the larger supply of competing properties makes accurate pricing and strong presentation increasingly important.

Mortgage rates reaching 7.28% by October 1 add another affordability challenge, but the overall market remains highly dependent on local conditions. (freddiemac.com)