With mortgage rates at their lowest level since March 2023 — 6.35% as of Aug. 29 — the Seattle area showed year-over-year increases in active listings, new listings and pending sales during August, according to the Northwest MLS’ (NWMLS) monthly Market Snapshot.

However, the number of closed sales was virtually unchanged in 20 of the 26 counties covered by NWMLS.

During August 2024, there was a 34.1% increase in the total number of property listings in the NWMLS region with 15,453 active listings at the end of the month.

The five counties with highest increases in active inventory were, in order: Douglas (up 65.1%), Mason (up 49.2%), Lewis (up 49%), Pacific (up 48%) and Pierce (up 43%).

Meanwhile, regional closings remained about the same year over year with 6,727 sales in August 2024, compared to 6,734 in August 2023. Fifteen of the NWMLS counties saw an increase while 11 counties saw a decrease.

Among those home sales, though, the median price was up 4.9% year over year hitting $645,000 in August. The three counties with the highest median sale prices were, in order: San Juan ($905,000), King ($860,000) and Snohomish ($762,500). The three counties with the lowest median sale prices were, in order: Ferry ($282,500), Adams ($307,475) and Pacific ($332,500).

“Mortgage interest rates have already started to moderate, dropping to 6.35% (for 30-year terms) at the end of August from this year’s high of 7.22% at the beginning of May,” Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington, said in a press release, reflecting on all the recent data.

“Unfortunately, lack of supply is going to continue to be an issue affecting house prices,” Bourassa went on. “Single and multi-family permitting dropped off noticeably in 2022 as interest rates ramped upwards, and single-family home prices will likely continue to increase as interest rates drop.”

The Federal Reserve is expected to further reduce interest rates in September, the NWMLS noted.