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Northwest Multiple Listing Service (NWMLS), the source for the most current, accurate market listing data in Washington state, today released its February 2026 Market Snapshot.
Market Recap
Inventory continued to expand across the region in February, providing buyers with significantly more options than a year ago. Active listings increased nearly 28% year over year to 13,341 properties, with 19 of 27 counties posting double-digit gains. Compared to January, inventory rose 7.8%, signaling continued seller participation heading into the spring market.
Closed sales totaled 4,139 transactions, down 3% from February 2025 but up 19.5% from January. The median sales price for residential homes and condominiums reached $620,000, down 1.6% from last year while rising 4.2% compared to the prior month.
“The good news is that mortgage interest rates dropped below 6% at the end of February, for the first time since September 2022,” said Steven Bourassa, director of the Washington Center for Real Estate Research. “The lower interest rates have not yet led to increased sales on a year-over-year basis, with the number of transactions declining 3% and prices down relative to February 2025. Listings continue to increase year over year, up 28%, as sellers decide to move on with their lives rather than wait for better market conditions. Compared to January, however, listings, sales, and prices were all up.”
Broker and buyer activity reflected steady engagement. Keybox activity increased 6.9% from both a year ago and the prior month, while property showings held relatively steady compared to January. Additionally, 76% of listings in the NWMLS database qualified for down payment assistance programs, expanding opportunities for buyers across the region.
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