NWMLS August Market Report:
September 4, 2026
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 August 2026 Market Snapshot on September 3.
Regional Market Recap
Active listings reached 24,675 at the end of August, up from 20,219 a year ago and giving buyers more than 4,400 additional homes on the market. Twenty-five of the 27 counties in the NWMLS service area experienced year-over-year inventory growth.
Northwest MLS brokers added 9,546 new listings during the month, a 9.3% increase from August 2025. Available supply grew faster than buyer activity, with closed sales decreasing 7.6% year over year to 5,861. The median sales price for residential homes and condominiums declined 2.3% to $635,000.
At the August sales pace, the NWMLS service area had 4.21 months of inventory, up from 3.19 months in August 2025. Market conditions continued to vary significantly by county, property type, and price range.
“High interest rates continued to put a damper on the housing market in August,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER). “Higher rates were reflected in significant declines in numbers of home sales (down about 7.6% year over year) and median home prices (down 2.3%). Meanwhile, listings continued to show a large year-over-year increase (up by 22%).”
“High inflation rates and high levels of government borrowing will continue to put upward pressure on interest rates, with ten-year Treasury yields rising and expectations that the Federal Reserve Bank will raise short-term rates at their upcoming meeting in mid-September,” Bourassa added.
Key Takeaway
The market, especially in King County, is rebalancing, but not stopping. REALTORS® who can help clients navigate a more balanced and competitive environment will be best positioned moving forward.
August 2026 Key Takeaways for King and Kittitas Counties
Active Listings
- Active listings in King County totaled 7,703 in August 2026, up from 5,925 in August 2025 (30% YoY), but down from 7,836 in July 2026 (-1.7%).
- Kittitas County's active listings followed the usual pattern of peaking in July & August before decreasing into the winter. In August 2026, active listing dropped slightly (1.4%) to 505 from 512 in July 2026. Year over year, active listings increased by 12% from 450 in August 2025.
New Listings
- The number of new listings in Kittitas County in August 2026 decreased year over year and month to month to 119 from 129 in August 2025 (-7.8%) and from 146 in July 2026 (-18.5%).
New listings in King County decreased month to month from 4,124 in July 2026 to 3,416 in August 2026 (-17.2%). Year over year, new listings increased by 21% from 2,822 in August 2025.
Closed Sales
- Closed sales are continuing to decrease in King County. August 2026 sales dropped to 1,791, down from 2,073 in August 2025 (-13.6%) and from 2,022 in July 2026 (-11.2%).
- Month-to-month closed sales in Kittitas County stayed flat only decreasing from 80 in July 2026 to 78 in August 2026 (-2.5%). Year over year closed sales increased from 58 in August 2025 (34.5%).
Median Sales Price
- King County's median sales price saw a 3.9% month-to-month decrease to $845,000 in August 2026, down from $879,500 in July 2026. Year over year, the median sales price decreased 3.4% from $875,000 in August 2025.
- In August 2026 the median sales price in Kittitas County was $535,500, up slightly (0.6%) from August 2026 ($532,475), but decreased from $599,000 in July 2026 (-10.6%).
Months of Inventory
- For the first time in a long time, the months of inventory calculation for King County went over 4. Months of inventory in August 2026 was 4.3, up from 3.9 in July 2026 and up from 2.9 in August 2025. Four to six months of inventory is considered a balanced market. King County has been leaning toward a seller's market for years, but that seems to be changing.
- In August 2026 Kittitas County had 6.5 months of inventory, down from 7.8 in August 2025, but slightly up from 6.4 in July 2026. Kittitas has generally been more balanced than King County.
What This Means for REALTORS®
Rising inventory, slower sales, and softening prices suggest the market is becoming more balanced, creating new opportunities for buyers while requiring sellers to be more strategic. REALTORS® may need to adjust their tactics for both sellers and buyers moving forward.
REALTORS® representing sellers will need to set expectations with their clients around pricing. Price adjustments and longer listing times are more common now because buyers have more choices and less pressure to make fast decisions. Accurate pricing and creative marketing strategies can help properties stand out in the crowd of inventory.
Buyers have more negotiating power in this market, so REALTORS® who can help their clients capitalize on this power will be in a good position to succeed.
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As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current residential property and listing information for real estate professionals. NWMLS is a broker-owned, not-for-profit organization with more than 2,400 member offices and 30,000+ real estate brokers in Washington state and Oregon. NWMLS operates regional service centers throughout its coverage area, providing dedicated support to its members and fostering a robust, cooperative brokerage environment. NWMLS offers a home listing search and comprehensive broker database at nwmls.com.
Washington Center for Real Estate Research
College of Built Environments at The University of Washington WCRER provides a bridge between academic study and research on real estate topics and the professional real estate industries.