Active listings in the NWMLS surpassed 18,000 in May, hitting the highest level since September 2018, according to the latest data from the Northwest Multiple Listing Service.

Meanwhile, home sales decreased 3.3% across the region as the median home price remained high at $654,995 and mortgage rates refused to budge, staying near 7% all month.

“Relative to the previous month, the number of active listings increased by 3,851, while the number of closed sales increased by only 580,” said Stephen Bourassa, director of the Washington Center for Real Estate Research. “In other words, listings increased by nearly six-and-a-half times the growth in the number of sales.”

Despite that, the region’s inventory surge is a sign of positive momentum for the market, NWMLS said.

Year-over-year increases in active listings hit double-digits in all but two counties in the region, including big jumps in Snohomish (up 64.1%) and King (up 57.7%) counties.

Given the rate of sales, King County had a 2.8-month inventory in May, up from just 1.6 months of inventory a year prior, providing more options to would-be buyers.

Realtors also reported increases in the amount of key boxes accessed last month, as well as showings scheduled and client appointments made.

However, with so many buyers priced out under current market conditions, only time will tell if buyers will accept a “new normal,” NWMLS said.