A surge in inventory and rising mortgage rates shaped Washington’s housing market in March. Across the Northwest Multiple Listing Service (NWMLS) property listings jumped while sales stayed flat.
“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 noted that rising global uncertainty—including the conflict with Iran—pushed mortgage rates back up to 6.38% by late March, after briefly dipping below 6% in February. Rates have continued climbing, recently reaching 6.46%, driven by higher energy prices and inflation concerns tied to the conflict.
The uncertainty is also weighing on the broader U.S. economy as the job market shows signs of slowing, potentially causing another point of concern for buyers.Despite the reasons for concern, it seems Buyer activity is gaining some strong momentum heading into spring. Showing activity across the NWMLS market rose 19% month over month reflecting growing engagement from active buyers.
While activity is still slightly below last year’s peak levels, the sharp month-over-month increases point to renewed energy in the market and a solid start to the spring buying season.