Washington Home Listings Surge as Sales Slow

Active listings climbed more than 25% year over year while pending sales fell nearly 18%, as mortgage rates peaked in October.

Updated on Nov. 7, 2026 in Residential

Washington Home Listings Surge as Sales Slow

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Active home listings in the Northwest Multiple Listing Service area rose more than 25% from a year ago, while pending home sales fell nearly 18%. The overall median sales price dropped 3.1% to $620,000 in October.

Why it matters

Rising mortgage rates, driven by high inflation, pushed the average 30-year fixed rate to 7.40% in mid-October, well above the 6.17% level a year earlier. Buyers face higher borrowing costs even as more homes come onto the market.

Freddie Mac's average 30-year fixed rate reached 7.40% in mid-October before dropping to 7.24% by October 29, compared with 6.17% a year earlier. The October median condo price was $435,000, the lowest since February 2023.

The players

Northwest Multiple Listing Service

The Northwest Multiple Listing Service is a regional real estate database that tracks home listings and sales across Washington and surrounding areas.

Freddie Mac

Freddie Mac is a government-sponsored enterprise that publishes weekly average U.S. mortgage rates, widely used as a benchmark for borrowing costs.

The details

The steepest home price decline since 2022 occurred between June and August, and mortgage rates averaged 6.86% in September before climbing further. Condo buyers paid a median of $435,000 in October, while the overall median fell to $620,000.

June to August: steepest home price decline since 2022.
September: 30-year mortgage rate averaged 6.86%.
October 8 and October 15: mortgage rate peaked at 7.40%.
October 29: mortgage rate dropped to 7.24%.

Market Landscape

The October swing from a 7.40% peak to 7.24% sits within Freddie Mac's weekly 30-year fixed series, which has run well above the 6.17% level of a year earlier. Washington's rising inventory reflects buyers and sellers reacting to that higher rate environment.

Homebuyers may find more listings to choose from, but borrowing costs remain elevated compared with last year. Monthly mortgage payments on a given price point are higher at 7.24% than at 6.17%.

The takeaway

Buyers comparing listings should factor current mortgage rates into affordability, since a rate near 7.24% raises monthly costs considerably over a 6.17% baseline. Watching weekly rate movements can help time a purchase or offer.