Stubborn mortgage rates deterred sales activity in northwest Washington in March, according to the latest report from the Northwest Multiple Listing Service.

Active listings increased 29.3% year over year, with just over 15,000 homes on the market, while closings rose just 0.2% year over year, with 5,417 homes sold. Month over month, however, home sales increased 31%, NWMLS said. Pending sales declined 3.2% year over year, with 7,352 listings going under contract.

Meanwhile, the median sales prices across the region decreased 1.5% year over year but increased 3.2% month over month to $640,000.

“Washington continues to mirror national trends by adding listings at a rate that is far outpacing any growth in sales,” Stephen Bourassa, director of the Washington Center for Real Estate Research, said in a press release. “In a nutshell, sellers have decided that they need to get on with their lives in spite of the fact that many would be giving up low-interest-rate mortgages. However, potential purchasers cannot afford to buy.”

Bourassa added that uncertainty surrounding the conflict in Iran pushed mortgage rates back up to 6.38% by the end of March, up from sub-6% rates in February. That’s the highest rates have been since September 2025.

King County

In King County, active listings increased to 4,990, up from 3,700 in March 2025. New listings also increased to 3,750, up from 3,408 a year prior.

Closings declined 5.68%, with 1,878 homes sold during the month, while the median sales price increased 0.54% to $859,618.

Given the rate of sales, King County had a 2.66-month inventory in March, well below levels seen in a balanced market.