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Hi. I’m Jeff Tucker, principal economist at Windermere Real Estate, and this is a Local Look at the August 2026 data from the Northwest MLS.
Summer is drawing to a chilly end here in Seattle, and the latest stats suggest the local housing market was already feeling the chill in August.
Across the entire Northwest MLS, there were 7% fewer closed sales in August of 2026 than in August of last year. That’s a substantial downturn from the 2% decline we’ve had year-to-date. Pending sales also dipped 5%, making a turnaround in September look unlikely.
On the supply side, new listings outpaced last August by 7%, and the month ended with over 20,000 active listings around the MLS, or 21% more than last August. That continues a modest acceleration in inventory growth seen all summer, which will keep a lid on price appreciation.
Speaking of which, the median sale price fell by about 2% from last year to $654,000, after sitting at $665,000 the last two Augusts.
An even stronger cooling trend has played out in the central Puget Sound region.
Closed sales fell 9% from last August, and this month the drop extended even to Kitsap and Pierce Counties, where demand HAD been more resilient this year.
Median sale prices for houses dropped 7% in King County and 3% in Snohomish County, while climbing 2% in Kitsap and Pierce Counties.
Looking ahead, pending sales fell 7% around the region from last August. Only Kitsap saw 3% growth.
Inventory showed a further swing toward a buyer’s market, as the 4-county greater Seattle area ended the month with 28% more active listings than last August, up from a 16% growth rate in June. The reversal from scarce inventory a few years ago is most stark in Snohomish County, which now has double the number of active listings it did in August of 2024.
This was another month of data reinforcing the picture of a local housing market where buyers are hesitant and sellers face an abundance of competition from other listings. For the buyers who are ready to move that means the market this fall is one of the most favorable environments in years for finding a home in the Puget Sound region, but there is no question it is a tough market this fall for sellers.
