Inventory Surges While Sales Slow and Prices Hold Steady

Published on: May 5, 2026

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

Market Recap

Housing supply continued to expand across the NWMLS service area in April, with active listings rising 28.4% year over year and increasing more than 23% from March as the spring market gained momentum. While inventory expanded, market activity remained mixed: closed sales declined 3.7% year over year, even as showings and keybox accesses increased from both March and April 2025. The median sales price remained unchanged from a year ago at $650,000, reflecting a market with more choices for buyers but continued affordability constraints.

Mortgage rates remained elevated in April, with average rates slightly higher than in March, and the Federal Reserve held short-term rates steady, citing ongoing inflation pressures, including rising energy costs. Ongoing global uncertainty, including the war in Iran, continued to put upward pressure on interest rates and weigh on housing demand.

Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington, said, “We are continuing to see relatively weak demand in the NWMLS market area (as elsewhere in the U.S.), with listings substantially higher than a year earlier, transactions down almost 4%, and median prices unchanged. At the moment, it is difficult to see any improvement on the horizon with the Iran war stuck in a stalemate.”

April 2026 Key Takeaways

Active Listings

• The total number of properties listed for sale increased 28.4% year over year, with 18,563 active listings on the market at the end of April 2026, compared to 14,459 at the end of April 2025. Month over month, active inventory increased by 23.4%, up from 15,049 in March 2026.
• Nearly all NWMLS counties experienced year-over-year inventory growth, with 21 of 27 counties posting double-digit increases. The five counties with the largest increases were Snohomish (+58%), Walla Walla (+54%), Okanogan (+52.4%), Skagit (+44.5%), and Thurston (+43.3%). 

Closed Sales

• Closed sales decreased by 3.7% year over year, with 5,674 transactions in April 2026 compared to 5,887 in April 2025. Month over month, sales increased by 4.7%, up from 5,417 in March 2026.
• Year-over-year closed sales decreased in 15 of 27 counties, increased in 11 counties, and Ferry County reported no sales.

Median Sales Price and Total Dollar Value

• The median sales price for residential homes and condominiums sold in April 2026 was $650,000, showing no change from April 2025 ($650,000). Month over month, the median price increased 1.6% from $640,000 in March 2026.
• The counties with the highest median sales prices were San Juan ($1,225,000), King ($859,000), and Snohomish ($750,000), while the lowest median prices were recorded in Ferry ($250,000), Adams ($290,000), and Columbia ($322,000). 
• The total dollar value of closed sales in April 2026 was $4.17 billion for residential homes and $440.5 million for condominiums, for a combined total of $4.62 billion.

Consumer and Broker Activity

NWMLS also tracked several indicators of consumer and broker engagement in April, showing continued increases in buyer and broker activity as the spring market progresses.

• Keyboxes at listed properties were accessed 162,421 times in April 2026, a 5.5% increase from March 2026. Year over year, keybox activity increased 5.5% from 153,949 accesses in April 2025.
• The total number of property showings scheduled through NWMLS-provided software increased 5.7% month over month, from 116,715 showings in March 2026 to 123,324 in April 2026. Year over year, showings increased 6.0% from 116,336 in April 2025.
• A total of 20,432 listings were eligible for the NWMLS Down Payment Resource program in April 2026, an 18.6% increase from March 2026, when 17,231 listings were eligible. Year over year, eligible listings increased 21.4%, up from 16,830 in April 2025. Overall, 73.2% 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.)