NWMLS May Market Report: Inventory Continues to Grow While Home Prices Remain Stable

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

Northwest Multiple Listing Service (NWMLS), the source for the most current, accurate market listing data in Washington state, released its May 2026 Market Snapshot on June 3.

Regional Market Recap

Housing inventory continued to expand across the NWMLS service area in May, giving buyers more choices as the market moved into the summer season. Active listings increased 16.8% year over year and 15.2% from April, reaching 21,381 homes on the market — the highest inventory level recorded so far in 2026. Buyers had access to nearly 2,800 more homes than the previous month, while months of inventory increased to 3.44 months, continuing a gradual shift toward a more balanced market.

Despite ongoing affordability challenges, buyer activity remained steady. Pending sales increased 7.7% from April and closed sales rose 9.5% month over month, reflecting continued market activity as the spring buying season transitioned into summer. Home prices remained remarkably stable despite growing inventory, with the median sales price holding at $650,000 for the second consecutive month and declining less than 1% compared to May 2025.

Consumer engagement also remained strong. Keybox activity increased 12.2% from April, and more than 25,000 listings received at least one showing during the month, up 10.8% from a year ago. In addition, 73.1% of listings across the NWMLS service area qualified for down payment assistance programs, providing opportunities for buyers navigating today’s affordability challenges.

While inventory levels continued to grow, elevated mortgage rates remained a key factor influencing buyer demand and affordability.

Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington, said, “According to Freddie Mac, 30-year mortgage rates increased by about a quarter of a percent last month, rising from 6.30% at the end of April to 6.53% at the end of May. This reflects the ongoing impacts of the war with Iran, specifically higher inflation in consumer prices due largely to a sharp increase in energy costs. Following the general pattern we have seen in recent months, the number of listings continued to grow relative to the same month a year earlier, while sales transactions and prices were both down (or flat) due to the affordability constraint imposed by high interest rates. Without any clear resolution to this crisis on the horizon, it is difficult to predict when interest rates will resume the downward trajectory that they displayed prior to the start of the war at the end of February.”

April 2026 Key Takeaways for King and Kittitas Counties

Active Listings

• The total number of properties listed for sale in King County increased 13.7% year over year, with 6,961 active listings on the market at the end of May 2026, compared to 6,120 at the end of May 2025. Month over month, active inventory increased 12.9%, up from 6,163 in April 2026.
• Kittitas County also saw a total increase in active listings month over month and, more modestly, year over year. May 2026 listings totaled 449, and increased from 394 in April 2026 (14%) and from 417 in May 2025 (7.7%).
• The five counties with the largest year-over-year inventory increases were Okanogan (+43.7%), Walla Walla (+38%), Thurston (+35.6%), Snohomish (+33.6%), and Chelan (+29%).