Inventory Continues to Grow While Home Prices Remain Stable

Published on: June 3, 2026

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

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.

Consumer engagement also remained strong. Keybox activity increased 12.2% from April, and more than 25,000 listings received at least one showing during the month, up 10.8% from a year ago. In addition, 73.1% of listings across the NWMLS service area qualified for down payment assistance programs, providing opportunities for buyers navigating today’s affordability challenges.

While inventory levels continued to grow, elevated mortgage rates remained a key factor influencing buyer demand and affordability.

Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington, said, “According to Freddie Mac, 30-year mortgage rates increased by about a quarter of a percent last month, rising from 6.30% at the end of April to 6.53% at the end of May. This reflects the ongoing impacts of the war with Iran, specifically higher inflation in consumer prices due largely to a sharp increase in energy costs. Following the general pattern we have seen in recent months, the number of listings continued to grow relative to the same month a year earlier, while sales transactions and prices were both down (or flat) due to the affordability constraint imposed by high interest rates. Without any clear resolution to this crisis on the horizon, it is difficult to predict when interest rates will resume the downward trajectory that they displayed prior to the start of the war at the end of February.”

May 2026 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.
• Buyers had access to nearly 2,800 more homes than the previous month, continuing a trend of rapidly expanding inventory across the Northwest MLS service area. Inventory levels are now at their highest point so far in 2026.
• The five counties with the largest year-over-year inventory increases were Okanogan (+43.7%), Walla Walla (+38%), Thurston (+35.6%), Snohomish (+33.6%), and Chelan (+29%).

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 and Total Dollar Value

• 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.
• The counties with the highest median sales prices were San Juan ($1,125,000), King ($875,000), and Snohomish ($759,875), while the lowest median prices were recorded in Adams ($309,000), Okanogan ($327,000), and Grays Harbor ($369,000).
• The total dollar value of closed sales in May 2026 was $4.68 billion for residential homes and $446.5 million for condominiums, for a combined total of $5.13 billion.

Consumer and Broker Activity

NWMLS also tracked several indicators of consumer and broker engagement in May, showing continued buyer activity despite elevated mortgage rates.

• Keyboxes at listed properties were accessed 182,173 times in May 2026, a 12.2% increase from April 2026. Year over year, keybox activity increased 1.4% from 179,613 accesses in May 2025.
• The total number of property showings scheduled through NWMLS-provided software increased 5.0% month over month, from 123,324 showings in April 2026 to 129,505 in May 2026. Year over year, showings decreased 2.3% from 132,501 in May 2025.
• A total of 23,635 listings were eligible for the NWMLS Down Payment Resource program in May 2026, an increase of 15.7% from April 2026 and 15.8% from May 2025. Overall, 73.1% of listings in the NWMLS database qualified for down payment assistance programs. (This count includes all property types in the NWMLS database, including multifamily properties and manufactured homes in parks.)