If you’re buying, selling, or refinancing in Washington, Oregon, Idaho, California, or Colorado, here’s what the market looks like right now – at the state and county level. These are the five states where we focus our lending, and conditions vary meaningfully between them. We’ve pulled the most current data available as of June 18, 2026, so you have a clear picture of where things stand in your specific market.
Washington’s housing market continued its gradual shift toward more balanced conditions through May 2026, with the latest NWMLS data showing inventory at its highest point of the year so far. Active listings statewide reached 21,381 homes in May, up 16.8% year-over-year and 15.2% from April, giving buyers access to nearly 2,800 more homes than the prior month. Despite that inventory growth, prices have remained remarkably stable.
The statewide median held at $650,000 for the second consecutive month, essentially flat year-over-year, while closed sales rose 9.5% month-over-month as the spring season gained momentum. Months of supply edged up to 3.44, continuing a gradual drift toward a more balanced market without crossing into buyer’s-market territory.
At the county level, King County’s median came in at $875,000 in May, up 1.2% year-over-year, holding firm despite a 3.4-month inventory reading, up from 2.8 months a year ago. Snohomish County saw active listings jump 33.6% year-over-year, with a median of $759,875 and 2.7 months of supply. Pierce County active listings grew 20%, with a steady median of $580,000 and 2.8 months of supply. The pattern across all three is consistent: more selection for buyers, but no meaningful price erosion. Buyers with flexibility on location are finding their best opportunities in Pierce and Spokane counties, where affordability is stronger, and competition is more measured.
County-level indicators for Washington, including median price, price per square foot, 1- and 5-year forecasted appreciation, household formations, homes being built versus demand, and the share of renters who can afford to buy, are shown in the tables below.
King County – Washington |
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Median Home Price $950,004 |
Price Per Square Foot $592 |
Forecasted Appreciation
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| King County ranks in the top 10% for forecasted appreciation over the next 5 years. | |||||
* Which means over 10,000 more homes need to be built annually to keep up with demand
Snohomish County – Washington |
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Median Home Price $757,944 |
Price Per Square Foot $439 |
Forecasted Appreciation
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| Snohomish County ranks in the top 10% for forecasted appreciation over the next 5 years. | |||||
* Which means over 6,000 more homes need to be built annually to keep up with demand
Pierce County – Washington |
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Median Home Price $550,102 |
Price Per Square Foot $336 |
Forecasted Appreciation
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| Pierce County ranks in the top 10% for forecasted appreciation over the next 5 years. | |||||
* Which means over 5,000 more homes need to be built annually to keep up with demand
Spokane County – Washington |
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Median Home Price $423,909 |
Price Per Square Foot $357 |
Forecasted Appreciation
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| Spokane County ranks in the top 10% for forecasted appreciation over the next 5 year. | |||||
* Which means almost 2,000 more homes need to be built annually to keep up with demand
Oregon continues operating in a balanced housing market in 2026. The state has surpassed pre-pandemic 2019 active inventory levels, giving buyers meaningfully more selection than in recent years. The statewide median for single-family homes is approximately $472,000 as of May 2026, with the Portland metro running between $508,000 and $549,000 and appreciation near flat to slightly positive at 1–2% annually.
Days on market have lengthened to around 46 days statewide, up two days from a year ago, and homes are selling at approximately 99% of list price. With around 4.2 months of supply, the market is functioning more like a balanced environment than the seller’s market Oregon experienced in 2021–2023.
Buyers are finding the most flexibility in the Portland suburbs, while Bend continues to command a premium above $600,000, driven by remote-work demand and outdoor recreation appeal.
Multnomah County – Oregon |
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Median Home Price $542,066 |
Price Per Square Foot $443 |
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| Multnomah County ranks in the top 10% for forecasted appreciation over the next 1 year and 5 years. | |||||
* Which means over 6,000 more homes need to be built annually to keep up with demand
Idaho’s housing market continues its gradual rebalancing in 2026. The state has returned to pre-pandemic inventory levels, a significant shift from the severely supply-constrained conditions of the 2021–2023 boom. Statewide median sale prices remain modestly below year-ago levels, while sales volume continues to recover as buyers re-enter a market that now offers more choice.
Boise’s median sits near $495,000, essentially flat from a year ago. With homes spending an average of 68 days on market and only about 14% selling above list price, buyers have meaningfully more negotiating leverage in Idaho than anywhere else in the five states we lend in. Ada County remains the most active market, and is one of the few areas in the country where new construction is outpacing demand, a true surplus that is helping keep prices in check.
Ada County – Idaho |
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Median Home Price $528,368 |
Price Per Square Foot $297 |
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* Which means there is a surplus of over 2,000 more homes being built annually vs. demand
California’s housing market is setting new records as of June 2026. The California Association of Realtors reported this week that the statewide median home price hit $930,260 in May, a new all-time high for the second consecutive month, up 3.1% from May 2025. Existing single-family home sales rose 5.1% year-over-year to 268,810, though they pulled back 3.1% from April as seasonality and affordability continued to limit activity. The persistent tension in California’s market remains the same: enormous long-term demand, constrained supply driven by the rate lock-in effect (approximately 77% of California homeowners hold mortgage rates below 5%), and an affordability ceiling that keeps only about 18% of households able to afford the median-priced home. Despite all of this, new home sales in the West were the strongest regional performer nationally in April, rising 18.7% month-over-month, reflecting ongoing demand from buyers who can afford to act.
San Diego County – California |
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Median Home Price $999,794 |
Price Per Square Foot $663 |
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* Which means over 1,500 more homes need to be built annually to keep up with demand
Los Angeles County – California |
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Median Home Price $881,906 |
Price Per Square Foot $634 |
Forecasted Appreciation
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San Francisco County – California |
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Median Home Price $1,507,112 |
Price Per Square Foot $991 |
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* Which means over 4,000 more homes need to be built annually to keep up with demand
Colorado’s housing market continues its methodical rebalancing in 2026. Active listings in the Denver metro remain well above year-ago levels, giving buyers the most selection they’ve had in years. The statewide median has softened modestly from its prior-year levels, though the Denver metro median has held steadier near $575,000. Sales activity has been recovering: Denver metro closed sales and pending contracts have both shown positive year-over-year trends in recent months, a sign that buyers are slowly returning as inventory improves and affordability stabilizes.
Homes are spending an average of 56 days on the market in Denver. Colorado Springs continues to offer some of the most buyer-friendly negotiating conditions in the state. Colorado remains a buyer-leaning balanced market where condition and pricing discipline matter more than they have in years.
Denver County – Colorado |
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Median Home Price $656,358 |
Price Per Square Foot $599 |
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* Which means over 2,500 more homes need to be built annually to keep up with demand
For a broader context on what’s driving mortgage rates, builder activity, and buyer sentiment across the country, here is a summary of the major national housing reports released this week.
Existing Home Sales (released June 9, 2026) rose 3.2% month-over-month and 3.2% year-over-year to a seasonally adjusted annual rate of 4.17 million units – the highest level since December 2025. Total housing inventory reached 1.5 million units, representing 4.5 months of supply. The median existing-home price rose to $429,300, up 1.3% year-over-year, the 35th consecutive month of year-over-year price increases. NAR Chief Economist Lawrence Yun noted: “More Americans are on the move, with home sales rising to the highest level since December. This is great news for the housing market and the economy. Improving affordability is helping drive this momentum. Even with mortgage rates ticking up compared to earlier in the year, they remain lower than a year ago and are essentially at the long-term historical average.” The Housing Affordability Index rose to 105.6, up from 97.5 a year ago, with affordability improving across all four regions year-over-year.
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Pending Home Sales (released June 17, 2026) jumped 3.8% month-over-month and 4.8% year-over-year, with gains across all four regions, a strong forward-looking signal for June and July existing home sales. NAR’s Yun observed: “A late spring buyer rush, even with mortgage rates not budging, is an indication of pent-up housing demand and consumers’ acceptance of above-6% mortgage rates as the new normal.” First American Deputy Chief Economist Odeta Kushi added: “What makes the recent improvement particularly noteworthy is that it has occurred despite mortgage rates moving higher through much of the spring.” This is the most current housing demand signal available and suggests the summer selling season is entering with more momentum than many expected.
Housing Starts (released June 16, 2026) fell sharply, dropping 15.4% month-over-month to a seasonally adjusted annual rate of 1.177 million, the lowest since May 2020 and well below the market forecast of 1.43 million. Single-family starts slipped 1.9% to 882,000, an eight-month low, while multifamily starts plunged 41.6% to 284,000. On a year-over-year basis, starts were 8.7% below May 2025 levels. Construction activity declined sharply in the South (-17.0%), West (-17.2%), and Northeast (-26.8%), while the Midwest bucked the trend with a 3.7% gain. Single-family permits edged up 0.6% to 886,000, offering a modest counterpoint to the start decline. The sharp drop in starts confirms what builders have been signaling: elevated mortgage rates and sluggish demand are prompting a pullback in spec construction, with many builders slowing the pace of groundbreaking until conditions improve.
The Case-Shiller and FHFA reports released May 26, 2026 (covering March 2026 data) remain the most recent price index releases. Case-Shiller showed the national index up just 0.7% year-over-year in March, the lowest reading since June 2023, and down 0.2% on a month-over-month seasonally adjusted basis. The FHFA House Price Index showed prices up 1.7% year-over-year in February, with the Mountain division (Washington, Oregon, Idaho, Colorado) the weakest region nationally, down 0.7% year-over-year. Updated price index data covering April will be released in late June.
Mortgage Rates: Freddie Mac’s Primary Mortgage Market Survey for the week ending June 11, 2026, put the 30-year fixed rate at 6.52%, up from 6.48% the prior week but down from 6.84% a year ago. The 15-year fixed averaged 5.84%. Freddie Mac’s Chief Economist Sam Khater noted that “stronger employment momentum has helped existing home sales reach a five-month high” and that “homebuyers are looking past the short-term rate fluctuations and actively entering the market, signaling renewed confidence in homeownership opportunities.” The next Freddie Mac PMMS will be released today, June 18, 2026. Rates continue to be influenced by inflation, Treasury yields, and geopolitical uncertainty tied to the Iran conflict. Most major forecasts continue to project the 30-year fixed rate remaining above 6% through the remainder of 2026, with modest improvement possible if inflation continues to cool.
The overall national picture as of June 18, 2026 is more encouraging than it was a month ago. Existing home sales have reached their highest pace since December, pending sales surged well above expectations, and affordability is measurably better year-over-year across all regions. The counterweight is the sharp drop in housing starts, which signals that builders are pulling back rather than scaling up, a dynamic that will continue to limit inventory supply and support prices over the medium term, particularly in supply-constrained Western markets.
It depends on where in Washington you’re looking. Inventory is up roughly 28% year-over-year statewide, homes are averaging 54 days on market, and the statewide median sale price of $649,950 has risen only 1.6% year-over-year — all signs of a market that is giving buyers more room than they’ve had in years. Seattle itself is one of the weakest-performing major markets nationally, with prices down 2.5% year-over-year per the latest Case-Shiller data. Buyers with flexibility on location are finding their best opportunities in Pierce and Spokane counties, where affordability is stronger and competition is more measured. If you’re targeting King County or the Seattle core, expect a still-competitive market despite the broader softening.
Significantly. King County carries a median of approximately $950,000, making it one of the pricier markets in the country. Snohomish County sits around $758,000, Pierce County around $550,000, and Spokane County around $424,000. Each of these counties ranks in the top 10% nationally for forecasted five-year appreciation, so the tradeoff is not just price — it’s how much equity potential you’re getting relative to your entry cost. For buyers who can work remotely or commute flexibly, Pierce and Spokane offer substantially lower prices with comparable long-term demand fundamentals.
Even with inventory improving, Washington’s major counties are still building far fewer homes than demand requires. King County needs over 10,000 more homes built annually than are currently under construction. Snohomish and Pierce each have gaps of 5,000–6,000 units per year. That structural undersupply is what underpins the long-term appreciation forecasts for these counties — demand will continue to outpace supply even as the short-term market softens. For buyers, it means that while you have more negotiating room today than in recent years, the long-term case for buying rather than waiting remains strong in Washington.
Yes, Oregon is one of the more buyer-friendly markets in this report right now. Inventory has surpassed 2019 levels, homes are spending around 46 days on market, and the sale-to-list ratio is approximately 99%, meaning sellers are no longer routinely commanding premiums above asking price. With about 4.2 months of supply statewide, Oregon is functioning closer to a balanced market. The statewide single-family median of approximately $472,000 also makes it one of the more accessible entry points across the five states Sammamish Mortgage lends in.
Portland metro homes are running between $508,000 and $549,000, with annual appreciation near flat to slightly positive at 1–2%. That stable price environment is useful for buyers, you’re not racing against rapid price increases while you finalize financing and search. Multnomah County’s long-term fundamentals are strong, with projected appreciation of 5.52% over one year and 26.78% over five years per MBS Highway. The county also has over 6,000 more households forming annually than homes being built, which points to sustained demand pressure over time. Portland suburbs are where buyers are finding the most flexibility right now.
Oregon sits between Washington and Idaho on the affordability spectrum. Its statewide median (~$472,000) is lower than Washington’s ($649,950) but in a similar range to Idaho’s Boise area. What distinguishes Oregon is the balance of accessibility and long-term upside: the Portland area offers a major metro with improving inventory, reasonable days on market, and strong appreciation forecasts — without the extreme price points of King County or the California markets. For buyers who want a Pacific Northwest location with a more navigable entry point than Seattle, Oregon is worth serious consideration.
Idaho currently offers buyers the most negotiating leverage of any state Sammamish Mortgage lends in. The statewide median is $476,300, and in Boise the median sits near $495,000. Homes are averaging 68 days on market, and only about 14% are selling above list price. Of all five states in this report, Idaho is where buyers have the most time to make decisions, the most room to negotiate on price, and the least risk of losing out in a bidding war.
Ada County stands out for a reason that is rare in the Western U.S.: builders are currently outpacing demand there, creating an actual surplus of new construction rather than the shortage seen almost everywhere else. That gives buyers the option to consider new homes without competing against a backlog of unmet demand, and it provides negotiating room on both resale and new construction. Long-term fundamentals still support buying: Ada County projects 5.40% appreciation over one year and 23.87% over five years, and there are over 42,000 renters in the county who can currently afford to purchase, representing a deep pool of future demand.
The recent modest price softness in Idaho reflects a market correcting from overheated conditions, not deteriorating fundamentals. The underlying demand drivers remain intact: household formations, job growth, and an affordability profile that continues to attract in-migration from higher-cost Western states. For buyers who plan to stay in the home for five or more years, buying during a period of price moderation with strong long-term forecasts, nearly 24% projected appreciation over five years in Ada County, is generally a favorable position. Timing the exact bottom is difficult; buying when you have negotiating leverage and a clear financial plan is more actionable.
California is the most challenging state in this report for affordability — only 18% of households statewide can afford the median-priced home at current rates, and the projected 2026 statewide median is $905,000. Of the three counties tracked in this report, Los Angeles has the lowest median at approximately $882,000 and has seen some softening in recent months, making it the most accessible entry point. San Diego sits near $1,000,000 and San Francisco at $1,507,000. For buyers targeting California, working with a lender early to understand loan programs and down payment options is especially important given the price points involved.
The rate lock-in effect is the primary reason. Approximately 77% of California homeowners hold mortgage rates below 5%, which strongly discourages them from selling and giving up that rate to buy another home at current rates. This keeps the pool of resale listings structurally constrained even as total inventory ticks upward. It also explains why California’s housing market tends to appreciate over the long term even during periods of affordability stress — supply remains limited regardless of demand conditions. All three California counties in this report show five-year appreciation forecasts above 25%, with San Francisco projecting over 32%.
It may be, depending on your county. New home sales in the West rose 18.7% month-over-month in April 2026, the only region in the country to post an increase, while declining sharply everywhere else. Builders in some California markets are offering rate buydowns and incentives that can make new construction financially competitive with resale, particularly in areas where resale inventory remains thin due to the rate lock-in effect. San Francisco is an exception: fewer than 1,000 homes are built there annually against demand that far exceeds that figure, so new construction options are extremely limited.
Yes, more so than at any point in recent years. Active listings in the Denver metro are up 23% year-over-year and above 2019 norms, giving you the most selection in years. The statewide median has pulled back to $604,600, down 2.1% year-over-year. Homes are averaging 56 days on market in Denver, and sellers who overprice are experiencing longer waits and growing price reductions. Colorado Springs has seen nearly 10% inventory growth. The state is best described as a buyer-leaning balanced market, one where preparation and patience are rewarded more than speed.
Strong. Despite the near-term price softness, Denver County projects 5.56% appreciation over one year and 25.08% over five years per MBS Highway data. The county needs over 2,500 more homes built annually than are currently under construction, and there are over 85,000 renters in Denver who can currently afford to purchase — a significant pool of future demand that supports prices over time. Buyers who purchase during this softer period and plan to hold for five or more years are well-positioned relative to those who bought at peak prices.
Colorado occupies a useful middle ground. Its Denver metro median (~$575,000) is lower than King and Snohomish counties in Washington and well below California’s markets, but higher than Oregon’s statewide median and Idaho’s Boise area. What makes Colorado particularly interesting right now is the combination of improving inventory, softening prices, and longer days on market — giving buyers more leverage than they would find in most comparable Western metros. If you’re weighing multiple states, Colorado and Idaho currently offer the most favorable buying conditions of the five, while Washington (outside Seattle), Oregon, and California offer stronger long-term appreciation forecasts at higher entry price points.
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