SEATTLE — Washington’s housing market showed signs of growing inventory in July, as mortgage rates held steady at 6.72%, nearly unchanged from the past year’s average.
The number of active listings rose 37.4% year-over-year across the Northwest Multiple Listing Service (NWMLS), reaching 20,781 homes on the market — up from 15,122 in July 2024. Meanwhile, closed sales rose just 3.8% year-over-year.
Despite the influx of listings, prices remained stable. The median sales price across residential homes and condominiums was $650,000, identical to a year earlier but down nearly 3% from June’s median of $670,000.
Among the counties with the highest median prices were San Juan ($906,250), King ($875,000), and Snohomish ($765,000). Columbia, Ferry, and Adams counties had the lowest median sales prices, all below $350,000.
New listings totaled 10,418 in July, a 12.3% increase from a year earlier but nearly 5% below June’s figure. Active inventory climbed month-to-month by 4.8%.
Experts say rate stability is likely to continue in the near term.
“As expected, the Federal Reserve kept the federal funds rate unchanged at its July 30 meeting, reflecting ongoing concerns about inflation,” said Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington. “This suggests there is unlikely to be any improvement in mortgage rates in the near future.”