The median sales price increased in 19 out of the 26 counties in the Northwest Multiple Listing Service region during November, according to a new report from NWMLS.

More specifically, the median sales price increased 4.6% to $601,342; last November, the median sales price was $575,000. The three counties with the highest median prices were San Juan ($975,000), King ($799,925) and Snohomish ($703,635).

Meanwhile, active listings fell by 16.9% during November, with 10,177 properties on the market compared to 12,245 a year prior. That adds up to a 2.33-month supply, down from 2.36 months in November 2022.

This decrease in inventory was due partly to widespread decreases in new listings across the Northwest MLS region. Realtors entered 4,595 listings into the MLS, a 6% decrease year over year.

Home sales also fell during the month. NWMLS reported a 16% drop in closings, with 4,367 properties sold compared to 5,194 sold in November 2022. However, that’s a slight improvement from October’s year-over-year numbers, which were down 18%.

Pending sales fell by 8.4%, with 4,678 listings going under contract during the month.

“With the 30-year fixed mortgage rate currently just over 7.2%, the purchasing power of prospective buyers remains stunted relative to a few short years ago,” Mason Virant, associate director of the Washington Center for Real Estate Research at the University of Washington, said in the report. “Moreover, current owners with low-rate mortgages continue to be reluctant to sell. This has led to a continued decline in year-over-year transaction volume and the inventory levels in the market.”