Washington housing market sees rising inventory and easing prices

The Washington housing market saw an increase in buyer options during August, as active listings rose 22% compared to the previous year. According to the Northwest Multiple Listing Service (NWMLS), available supply grew faster than buyer activity, leading to a 7.6% year-over-year decrease in closed sales.

The median sales price for residential homes and condominiums across the 27-county service area declined 2.3% to $635,000. Regional variations were notable, particularly in King and Snohomish counties. In King County, closed sales fell 13.6% and the median sales price dropped 3.4% to $845,000. In Snohomish County, sales fell 8.9% while the median price dipped 4% to $724,500.

Steven Bourassa, director of the Washington Center for Real Estate Research, attributed the market slowdown to high interest rates. He noted that high inflation and government borrowing continue to exert upward pressure on rates, citing rising 10-year Treasury yields and expectations regarding Federal Reserve policy.