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 July 16, 2026, so you have a clear picture of where things stand in your specific market.
Washington’s housing market continues to show the clearest signs of rebalancing of any of the five states we lend in. The NWMLS June 2026 Market Snapshot, released July 2, confirmed that active listings statewide reached 23,088 homes, up 16.4% year-over-year and 8.0% from May, the highest inventory of 2026 so far. The statewide median sale price held at $650,000 for the third consecutive month, though it came in 3.0% below June 2025 ($670,000), marking a meaningful year-over-year price decline that reflects the combined effect of elevated mortgage rates and surging supply. Closed sales rose 10.2% from May and 2.3% year-over-year as the summer market gained momentum, while months of supply edged down slightly to 3.37 – still well below the 4-to-6-month balanced range, but continuing to move in that direction. Nationally, Realtor.com’s June housing report showed asking prices falling 2.5% year-over-year, the steepest decline since 2017, and pending sales rising 3.7% year-over-year for a seventh consecutive month, signaling that buyers are showing up even as sellers are repricing their expectations.
At the county level, King County’s median held at $889,000 in June, up 1.6% from May’s $875,000 but down 2.7% year-over-year from $913,563. Snohomish County saw active listings jump 29.2% year-over-year, with a median of $725,500. Inventory growth across King and Snohomish is being driven in part by Washington’s new 9.9% income tax on earnings above $1 million (SB 6346), which triggered a surge in luxury listings; however, the impact on overall supply is real regardless of cause and is translating into improved conditions for buyers across price points. WCRER Director Steven Bourassa’s assessment from the June NWMLS release remains the clearest summary: “Closed sales increased about 2% year over year but continued to lag the approximately 16% increase in active listings, consistent with the decline in median prices.” Buyers with flexibility on location continue to find 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 |
|||||
|
Median Home Price $950,004 |
Price Per Square Foot $592 |
Forecasted Appreciation
|
|||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
| 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 |
|||||
|
Median Home Price $757,944 |
Price Per Square Foot $439 |
Forecasted Appreciation
|
|||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
| 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 |
|||||
|
Median Home Price $550,102 |
Price Per Square Foot $336 |
Forecasted Appreciation
|
|||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
| 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 |
|||||
|
Median Home Price $423,909 |
Price Per Square Foot $357 |
Forecasted Appreciation
|
|||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
| 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 |
|||||
|
Median Home Price $542,066 |
Price Per Square Foot $443 |
Forecasted Appreciation
|
|||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
| 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 |
|||||
|
Median Home Price $528,368 |
Price Per Square Foot $297 |
Forecasted Appreciation
|
|||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
* Which means there is a surplus of over 2,000 more homes being built annually vs. demand
California’s housing market set a new price record in May 2026, with the California Association of Realtors reporting the statewide median home price hit $930,260, a new all-time high for the second consecutive month, up 3.1% from May 2025. The persistent tension in California’s market remains unchanged: 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. Nationally, Realtor.com’s June data shows asking prices falling 2.5% year-over-year and pending sales continuing to rise for a seventh consecutive month, a pattern visible in California’s more affordable inland markets as well. The CAR June data, due out this week, will provide the first read on whether May’s all-time high held or softened as rate movements and summer seasonality shifted buyer behavior.
San Diego County – California |
||||
|
Median Home Price $999,794 |
Price Per Square Foot $663 |
Forecasted Appreciation
|
||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
* Which means over 1,500 more homes need to be built annually to keep up with demand
Los Angeles County – California |
||||
|
Median Home Price $881,906 |
Price Per Square Foot $634 |
Forecasted Appreciation
|
||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
San Francisco County – California |
||||
|
Median Home Price $1,507,112 |
Price Per Square Foot $991 |
Forecasted Appreciation
|
||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
* 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 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 market in Denver. Colorado Springs continues to offer some of the most buyer-friendly negotiating conditions in the state. The Case-Shiller April data showed Denver down 1.8% year-over-year, one of the weaker readings nationally, while the national Realtor.com data showing a seventh consecutive month of rising pending sales suggests the buyer demand underpinning the market nationally is also present in Colorado’s more affordably priced front range communities. The Housing Starts report covering June data releases tomorrow, July 17, and will be the first read on whether builders have responded to the modest rate improvement since the Iran peace deal.
Denver County – Colorado |
||||
|
Median Home Price $656,358 |
Price Per Square Foot $599 |
Forecasted Appreciation
|
||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
* 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.
Pending Home Sales for June 2026 (released today, July 16, 2026) are the most forward-looking housing demand signal available this week. The May reading – a 3.8% month-over-month jump with gains across all four regions – set high expectations for June. This data captures contract signings made in June, the first full month following the Iran peace deal signing and the modest rate improvement that accompanied it. Separately, Realtor.com’s June 2026 Monthly Housing Trends Report, released July 1, showed national pending sales rising 3.7% year-over-year for a seventh consecutive month, the longest such streak since late 2020, while asking prices fell 2.5% year-over-year, the steepest decline since 2017. Realtor.com Chief Economist Danielle Hale noted: “Eight straight months of falling prices and seven straight months of rising pending sales are not a contradiction. Sellers are reading market conditions and are pricing homes to move, and buyers are responding.” Contract cancellations in April and May came in at 6.9% of pending sales, modestly below the 7.3% rate a year ago, confirming that deals that go under contract are largely staying there.
Get the latest updates right to your inbox
Mortgage Rates: Freddie Mac’s Primary Mortgage Market Survey released July 9, 2026 put the 30-year fixed at 6.49%, up from 6.43% the prior week but down from 6.72% a year ago. The 15-year fixed averaged 5.82%. Khater noted: “Mortgage rates have not changed much recently, but economic growth and housing affordability continue to improve for homebuyers as they shop for homes in today’s market.” The July 9 rate essentially retraced the July 2 decline, reflecting a normalization of the brief dip driven by thin holiday-week trading. Since mid-May, the 30-year fixed has traded within a narrow range, roughly between 6.43% and 6.53%, providing a more stable backdrop than earlier in the year when rates were swinging with each Iran-conflict headline. The next Freddie Mac PMMS releases today, July 16, 2026. June CPI data also be released today; that report will be the first inflation reading to meaningfully shape expectations for the July 28–29 FOMC meeting and could move rates more than any single report has in several weeks.
Existing Home Sales (released July 9, 2026) fell 2.4% month-over-month to a seasonally adjusted annual rate of 4.09 million units, missing analyst expectations of 4.20 million and pulling back from May’s five-month high of 4.17 million. Year-over-year, however, sales were up 2.8%, and the median existing-home price reached a record $440,600, up 1.8% from a year ago, the 36th consecutive month of year-over-year price increases. Total housing inventory edged down to 1.56 million units, a 4.6-month supply, and the Housing Affordability Index improved to 102.3 from 95.5 a year ago, with affordability gains in all four regions. First-time buyers represented 33% of June closings, up from 30% a year ago. Because existing home sales close 30–60 days after contract signing, June’s data captures buyer decisions made during April and May, before the Iran peace deal and rate improvement of late June. The July data, due August 11, will be the first read on how the post-peace-deal environment translated into closings.
Housing Starts for June 2026 (releasing tomorrow, July 17, 2026) will be one of the most closely watched reports of the summer. May’s starts fell sharply to 1.177 million SAAR, the lowest since May 2020, as builders pulled back on spec construction in the face of elevated rates and a 10.3-month supply of unsold new homes. The question for June is whether the peace deal’s modest rate relief prompted any pickup in builder activity, particularly in single-family starts, which had slipped to an eight-month low of 882,000 in May. Single-family permits edged up just 0.6% in May to 886,000, offering a limited leading signal. Whatever June brings, the long-term supply implications of the May drop remain: fewer starts today constrains the new home pipeline into 2027, which will continue providing a floor under prices even in markets currently experiencing softness.
The S&P Cotality Case-Shiller Home Price Index for April 2026 (released June 30, 2026) showed the national index up 0.8% year-over-year, the first acceleration since November 2025, but down 0.1% on a seasonally adjusted monthly basis for a second consecutive month. Chicago led all markets at +6.5% annually; Seattle posted the steepest decline at -2.3% and Denver at -1.8%. The next Case-Shiller update covering May 2026 data is scheduled for July 29, 2026.
The overall picture as of July 16, 2026 is a market that has quietly stabilized. Mortgage rates have traded in a narrow 10-basis-point band for two months. Asking prices are falling nationally as sellers adjust expectations, while pending sales have risen for seven consecutive months, buyers and sellers are finding common ground. The June existing home sales dip was a function of April-May contract signings made before the peace deal, not a sign of demand deterioration. The forward-looking indicators, pending sales, asking price reductions, and improving affordability, all point toward a more active second half than the first. For buyers in Washington, Oregon, Idaho, California, and Colorado, the combination of the highest inventory in years, moderating prices, and rates that are meaningfully lower than a year ago creates the most favorable purchase environment since early 2022.
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.
Our loan officers are ready and waiting to help you apply for your home loan.
Learn more about the people behind Sammamish Mortgage
Whether you’re buying a home or ready to refinance, our professionals can help.
Mortgage Support — 24/7
No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.
Adjust the parameters based on what you want to track
