Inventory Jumps 29% as Rising Mortgage Rates Stall Sales

Published on: April 2, 2026

Northwest Multiple Listing Service (NWMLS), the source for the most current, accurate market listing data in Washington state, today released its March 2026 Market Snapshot.

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.

Consumer activity increased heading into the spring season, with showings up 19% and keybox accesses up 24.5% from February. However, both metrics remained below last year’s activity.

March 2026 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. The five counties with the largest increases were Adams (+75%), Okanogan (+58.8%), Jefferson (+53.9%), Walla Walla (+52.4%), and Snohomish (+51.8%). 

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 and Total Dollar Value

• 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.
• The counties with the highest median sales prices were San Juan ($1,075,000), King ($859,618), and Snohomish ($738,000), while the lowest were Grays Harbor and Columbia (both $325,000), Pacific ($292,500), and Ferry ($291,200). 
• The total dollar value of closed sales in March 2026 was $3.8 billion for residential homes and $490.4 million for condominiums, for a combined total of $4.29 billion.

Consumer and Broker Activity

NWMLS also tracked several indicators of consumer and broker engagement in March, showing increased buyer and broker activity going into the spring market.

• Keyboxes at listed properties were accessed 153,945 times in March 2026, a 24.5% month-over-month increase from February 2026. Year over year, keybox activity slightly decreased by 0.7% from 155,005 accesses in March 2025.
• The total number of property showings scheduled through NWMLS-provided software increased by 19% month over month, from 98,075 showings in February 2026 to 116,715 in March 2026. Year over year, showings decreased 4.4%, from 122,099 in March 2025.
• A total of 17,231 listings were eligible for the NWMLS Down Payment Resource program in March 2026, a 5.2% increase from February 2026, when 16,377 listings were eligible. Year over year, eligible listings increased by 27.1%, up from 13,552 in March 2025. Overall, 74.8% of listings in the NWMLS database qualified for down payment assistance. (This count includes all property types in the NWMLS database, including multifamily properties and manufactured homes in parks.)