Market activity picked up in March, according to the latest report from the Northwest Multiple Listing Service (NWMLS).

Affordability constraints were partially eased for many buyers as the 30-year mortgage rate fell from 6.76% to 6.65%.

“Easing of mortgage rates into spring homebuying season has helped bring some homebuyers off the sidelines,” Selma Hepp, chief economist at Cotality (formerly CoreLogic) said in a press release.

Closed home sales increased 4.7% year over year and 26.7% month over month, with 5,406 homes sold in March. Pending sales, meanwhile, rose 5.2% year over year, with 7,593 properties going under contract.

However, Hepp added that “homebuying activity [will remain] muted amid a lot of economic and policy uncertainty and fears of future job losses.”

Across the NWMLS region, the median price for single-family homes and condominiums rose 3.2% month over month to $649,999. Median prices were highest in San Juan ($870,000), King ($855,000) and Snohomish ($755,000) counties.

“Rising median house prices continue to exacerbate affordability issues,” said Stephen Bourassa, director of the Washington Center for Real Estate Research. “In the first quarter of the year, median sale prices increased by 9.5%, which would translate into nearly 44% if compounded over the course of a year.”

While the rest of this homebuying season is full of uncertainty, potential buyers will have plenty of options compared to last year. Realtors added 9,161 new listings to the MLS last month, a 14.1% increase year over year. Total active inventory grew to 11,640 properties, up 43.7% from March 2024.

Inventory increases were the highest in Snohomish County, where inventory jumped 83.1%.