NWMLS March Market Report: Inventory Jumps 29% as Rising Mortgage Rates Stall Sales

Information and statistics compiled and reported by the Northwest Multiple Listing Service.

KIRKLAND, Washington – April 2, 2026 Northwest Multiple Listing Service (NWMLS), the source for the most current, accurate market listing data in Washington state, today released its March 2026 Market Snapshot.

Regional Market Recap

A continued rise in inventory, combined with renewed pressure from rising mortgage rates, defined Washington’s housing market in March as listings climbed sharply while sales remained largely unchanged.

Active listings rose 29.3% year over year to 15,049 homes, with nearly every county reporting gains and 20 of 27 counties posting double-digit increases.

Closed sales totaled 5,417 in March, up just 0.2% from a year ago, though activity picked up significantly from February with a nearly 31% month-over-month increase. The median sales price was $640,000, down 1.5% year over year but up 3.2% from February. Total sales volume reached $4.29 billion across residential and condominium transactions.

“Washington continues to mirror national trends by adding listings at a rate that is far outpacing any growth in sales,” said Steven Bourassa, director of the Washington Center for Real Estate Research. “Active listings in the NWMLS service area in March 2026 increased 29% year over year, while the number of sales remained unchanged. In a nutshell, sellers have decided that they need to get on with their lives in spite of the fact that many would be giving up low-interest-rate mortgages. However, potential purchasers cannot afford to buy.”

Bourassa added that rising global uncertainty—including the recent conflict with Iran—has pushed mortgage rates back up to 6.38% by the end of March after briefly dipping below 6% in February. The last time rates were this high was in early September 2025.

Consumer activity increased heading into the spring season, with showings up 19% and keybox accesses up 24.5% from February. However, both metrics remained below last year’s activity.

March 2026 Key Takeaways for King and Kittitas Counties

Active Listings

• Nearly all NWMLS counties experienced year-over-year inventory growth, with 20 of 27 counties posting double-digit increases. King County listings increased by 34.9%, and Kittitas County saw an 11.4%.
• Last month the total number of properties listed for sale in King County was 4,990 compared to 3,700 in March 2025. Month over month, active inventory increased by 13.4%, up from 4,399 in February 2026.
• Kittitas County also saw a total increase in active listings month over month and year over year. March 2026 listings totaled 294, and increase from 254 in February 2026 (15.7%) and from 264 in March 2025 (11.4%).