What this means for buyers:

More selection and more time than at any point in a decade. About 62 homes went under contract for every 100 new listings, down from about 80 a year ago, and each shown listing averaged 4.2 showings instead of 5.2. That leaves room to negotiate on price, repairs, and credits, and 74.7% of listings qualify for at least one down payment assistance program.

What this means for sellers:

Demand is still there, but buyers are selective. King County's median held at $850,000 while its inventory rose 31.1% to 8,058 listings and months of supply reached 4.70. Accurate pricing and strong presentation in the first two weeks matter more than they have in years.

The macro context:

Mortgage rates rose through September: the 30-year fixed average went from 6.71% on September 3 to 7.03% on September 24, and reached 7.28% in the first week of October (Freddie Mac). As the Washington Center for Real Estate Research noted in the NWMLS release, prices tend to rise quickly in a strong market but can be slower to fall when conditions weaken.

By the numbers:

Keybox accesses: 150,847 (−6.5% YoY) · Showings: 104,936 (−12.9% YoY) · DPA-eligible: 74.7% of all listings (72.9% a year ago) · Pierce County median: $575,000 (+2.7% YoY)

What this means for buyers:

This is the widest selection buyers have had in years — 25 of 27 counties gained inventory year over year, the median price slipped to $635,000, and 74.7% of listings qualify for down payment assistance. Buyers who move deliberately have real negotiating room right now.

What this means for sellers:

Demand hasn't vanished, but it's selective. With 4.21 months of supply — the highest of the year — pricing precision and presentation are what separate a sale from a stale listing.

The macro context:

High mortgage rates continued to weigh on the market in August, with sales down 7.6% and prices down 2.3% year over year even as listings climbed 22%. The Fed was expected to weigh short-term rates at its mid-September meeting.

By the numbers:

Keybox accesses: 168,888 (+2.5% YoY) · Showings: 118,595 (−3.2% YoY) · DPA-eligible listings: 23,815 (74.7% of all listings) · Total volume: $4.59B

What this means for buyers:

The most inventory buyers have had all year — over 4,100 more homes than July 2025. King County alone added 23.7% more listings. The median dropped below the $650,000 level that held for three months, and 74.1% of listings qualify for down payment assistance.

What this means for sellers:

Demand hasn't disappeared — 26,826 listings received at least one showing, up 10.8% from last year. But buyers are touring more and being choosier. Months of supply climbed to 3.74, the highest of the year. Pricing and presentation matter more than ever.

The macro context:

Mortgage rates averaged above 6.5% in July, with the Fed holding short-term rates steady on inflation pressure. Seller interest keeps growing while higher rates discourage buyers — the market is rebalancing, not collapsing.

By the numbers:

Keybox accesses: 166,504 (−1.4% YoY) · Showings: 120,963 (−4.2% YoY) · DPA-eligible listings: 25,553 (74.1% of all listings) · Total volume: $5.36B

What this means for buyers:

The most inventory available in 2026, combined with a median that's been flat for three months and now sits 3% below last year. Down payment assistance eligibility is at record levels — 73.6% of listings qualify. For buyers who've been waiting, conditions are the best in years.

What this means for sellers:

Sales are up both year over year and month over month — demand is real. But supply is growing faster than demand, so pricing precision and presentation remain critical.

The macro context:

30-year rates rose from 5.98% in February to 6.49% by the end of June on inflationary pressure. Despite the headwind, the market's fundamentals are sound: more homes selling, more available, and prices correcting gradually rather than crashing.

By the numbers:

DPA-eligible listings: 73.6% of all listings · Total volume: $5.69B

What this means for buyers:

The most inventory available so far in 2026, combined with stable — not rising — prices. Buyers who've been waiting have more options and slightly more leverage than at any point in recent years.

What this means for sellers:

The market is favorable, but the days of minimal prep and multiple offers are largely over in most price ranges. Well-priced, well-presented homes are still moving — closing volume was up nearly 10% month over month.

The macro context:

30-year rates rose from ~6.30% to ~6.53% in May. Inventory is responding predictably to affordability constraints. The market is functioning; it just takes more sophistication to navigate than it did two years ago.

By the numbers:

Keybox accesses: 182,173 (+1.4% YoY) · Showings: 129,505 (−2.3% YoY) · DPA-eligible listings: 23,635 (73.1% of all listings) · Total volume: $5.13B

What this means for buyers:

The most inventory in years, stable pricing, and more time to make thoughtful decisions. The pressure-cooker environment of 2021–2023 has eased considerably.

What this means for sellers:

You're still in a favorable market, but pricing precision matters now. Well-prepared, well-priced homes are still moving; those that aren't sit longer.

The macro context:

Rates remain elevated and global uncertainty continues to weigh on demand. But the Puget Sound remains one of the most economically resilient metros in the country.

By the numbers:

Keybox accesses: 162,421 (+5.5% YoY) · Showings: 123,324 (+6.0% YoY) · DPA-eligible listings: 20,432 (73.2% of all listings) · Total volume: $4.62B

What this means for buyers:

Inventory is building fast heading into spring, giving buyers more to choose from than a year ago. Prices ticked up 3.2% from February but remain below last year — a window of expandingchoices without runaway price growth.

What this means for sellers:

Sellers are listing in force, but buyers can't stretch to meet rising rates. Sales were flat year over year — pricing to the current market, not last year's, is what gets a home sold.

The macro context:

Mortgage rates climbed back to 6.38% by the end of March after briefly dipping below 6% in February, driven by global uncertainty. Showings rose 19% and keybox accesses 24.5% from February as spring activity picked up, though both stayed below last year.

By the numbers:

DPA-eligible listings: 17,231 · Showings up 19% MoM · Keybox accesses up 24.5% MoM · Total volume: $4.29B

What this means for buyers:

Rates dipping below 6% improved affordability just as inventory expanded — 19 of 27 counties posted double-digit listing gains. Buyers had meaningfully more to choose from than a year ago.

What this means for sellers:

Sellers kept listing as prices firmed month over month. Sales were still down 3% year over year, so realistic pricing remained essential even with the friendlier rate backdrop.

The macro context:

Mortgage rates dropped below 6% at the end of February for the first time since September 2022. Lower rates hadn't yet translated into year-over-year sales gains, but listings, sales, and prices were all up compared to January.

By the numbers:

King County active listings: 4,399 (+35.5% YoY) · King County closed sales: 1,364

What this means for buyers:

A slower, quieter start to the year with softer prices — the median dipped to $595,000, down 3.3% from a year ago. Down payment assistance eligibility hit 77.3% of listings, the highest share of the year, opening doors for first-time buyers.

What this means for sellers:

More homeowners chose to list even as buyer participation stayed constrained by affordability. Sales fell 31% from December's pace — a normal seasonal dip, but a reminder that early-year pricing must be sharp.

The macro context:

Mortgage rates continued a gradual decline, ending January at 6.10%. Consumer and broker activity rebounded strongly from December — showings surged 58% month over month — signaling early momentum toward the spring season.

By the numbers:

Keybox accesses: 115,685 (−0.2% YoY) · Showings: 98,210 (−1.8% YoY) · DPA-eligible listings: 15,007 (77.3% of all listings) · Total volume: $2.55B