Jeff Tucker: Hi. I’m Jeff Tucker, principal economist at Windermere Real Estate, and this is a Local Look at the July 2025 data from the Northwest MLS.
After a bit of a roller coaster in the second quarter following the April rollout of Trump’s tariffs, July just looked slow and steady, especially in sales: We saw 4% more closed residential sales across the Northwest MLS in July than last year, and 3% more pending sales.
On the supply side, there were 12% more new listings than July of last year, and the month ended with 36% more active listings than last July. That’s almost identical to the pace of growth we saw in June.
Finally, the most steady number across the Northwest MLS: median sale price, which was exactly the same as last July: $675,000. The growth of active listings has been weighing down price appreciation, and has now brought it down to 0.
This is yet more data showing a market where buyers are gaining negotiating leverage.
Now, I’ll take a closer look at the four counties encompassing the greater Seattle area.
Closed sales climbed here by 1% from last year, led by growth in Pierce County, which offset a tiny decline in King County.
Median sale prices were exactly flat year-over-year here in King County at $1 million; up 10% in Kitsap to almost $600,000; up 1% in Pierce and down 2% in Snohomish County.
Looking ahead, pending sales climbed a modest 1% across the region, including a 2% gain in King County.
On the supply side, the four-county greater Seattle area had over 9,000 active listings at the end of July, or 38% more than the same time last year. This is continuing the deceleration in inventory growth since we had 45% year-over-year gains in May; most of the deceleration is thanks to King County, where inventory was up 50% just a couple months ago.
All in all, this market looks like a return to a “new normal” where buyers have gained the upper hand, at least enough to grind price appreciation to a halt, but not nearly enough to bring prices down as much as they’d like. Inventory is still up, but not accelerating toward a glut. And new listings are continuing to deliver a lot of new options for buyers here in the dog days of summer.
All right, that is all I’ve got for this local look at the July 2025 data! Thank you for watching!