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 11, 2026, so you have a clear picture of where things stand in your specific market.
Washington’s housing market is stabilizing in 2026 after several years of dramatic price swings. Active listings are up roughly 28% year-over-year statewide, and inventory has crossed back above pre-pandemic 2019 levels – a meaningful shift that is giving buyers more options than they’ve had since before COVID. Despite rising supply, demand near major employment centers like Seattle and Bellevue remains firm.
The statewide market sits at approximately 2.8 months of supply, still technically a seller’s market, though conditions are softer than a year ago. The median statewide sale price came in at $649,950 in April 2026 (NWMLS), up 1.6% year-over-year, and homes are spending an average of 54 days on market before going under contract. Notably, Seattle is now one of the weakest-performing major markets nationally per the latest Case-Shiller report (March 2026), with prices down 2.5% year-over-year – a stark contrast to some suburban counties that are still holding positive appreciation.
The Mountain division that covers Washington showed the most price weakness of any FHFA census division in February 2026, falling 1.1% month-over-month. 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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* Which means over 10,000 more homes need to be built annually to keep up with demand
King County ranks in the top 10% for forecasted appreciation over the next 5 years. |
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Snohomish County – Washington |
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Median Home Price $757,944 |
Price Per Square Foot $439 |
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* Which means over 6,000 more homes need to be built annually to keep up with demand
Snohomish County ranks in the top 10% for forecasted appreciation over the next 5 years. |
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Pierce County – Washington |
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Median Home Price $550,102 |
Price Per Square Foot $336 |
Forecasted Appreciation
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* Which means over 5,000 more homes need to be built annually to keep up with demand
Pierce County ranks in the top 10% for forecasted appreciation over the next 5 years. |
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Spokane County – Washington |
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Median Home Price $423,909 |
Price Per Square Foot $357 |
Forecasted Appreciation
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* Which means almost 2,000 more homes need to be built annually to keep up with demand
Spokane County ranks in the top 10% for forecasted appreciation over the next 5 year. |
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Oregon has moved into a more 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 |
Forecasted Appreciation
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* Which means over 6,000 more homes need to be built annually to keep up with demand
Multnomah County ranks in the top 10% for forecasted appreciation over the next 1 year and 5 years. |
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Idaho’s housing market has returned to pre-pandemic inventory levels – a significant milestone given how severely supply-constrained the state was during the 2021–2023 boom. Median sale prices pulled back modestly to $476,300 statewide in March 2026, down 1.7% year-over-year, while sales volume jumped 14.6%, a sign that buyers are re-entering as conditions improve.
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 (compared to far higher rates during the pandemic peak), buyers currently have appreciably more negotiating leverage in Idaho than anywhere else in the five states we lend in.
Ada County remains the most active market, but even there, builders are outpacing demand, one of the few areas in the country where new construction is actually providing a surplus rather than a deficit.
Ada County – Idaho |
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Median Home Price $528,368 |
Price Per Square Foot $297 |
Forecasted Appreciation
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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 continues to operate under the tension between strong long-term demand and severe affordability constraints. The California Association of Realtors projects a statewide median price of $905,000 for 2026, up 3.6% from 2025, while forecasting 274,400 existing home sales for the year.
Inventory statewide has crossed above pre-pandemic 2019 levels – a notable development – though supply remains structurally constrained by the rate lock-in effect: approximately 77% of California homeowners hold mortgage rates below 5%, which powerfully discourages listing. Only 18% of California households can afford the median-priced home at current rates.
Despite these headwinds, new home sales in the West were the one bright regional spot in April 2026, rising 18.7% month-over-month while declining sharply everywhere else in the country. San Diego and San Francisco remain the most competitive markets, while Los Angeles is showing modest softening following the January wildfires.
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 |
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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 is in a methodical rebalancing phase. Active listings in the Denver metro reached 13,447 in spring 2026, up 23% year-over-year and above pre-pandemic norms, giving buyers the most selection they’ve had in years. The statewide median pulled back to $604,600 in March 2026, down 2.1% year-over-year, though the Denver metro median has held steadier near $575,000.
Sales activity is picking up: Denver metro closed sales rose 2.7% in Q1 2026, and pending contracts were up 6.5%, a sign that buyers are slowly returning as inventory improves. Homes are spending an average of 56 days on the market in Denver. Colorado Springs has seen inventory grow nearly 10%, creating some of the most buyer-friendly negotiating conditions in the state.
Colorado is operating in a buyer-leaning balanced market where condition and pricing discipline matter more than they have in years, and sellers who overprice are experiencing longer days on market and a growing rate of price reductions.
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
Since last week’s update, the overall national housing market has shown little change. Inventory continues to improve in many markets, while higher mortgage rates and affordability challenges remain the primary factors limiting stronger sales activity.
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.
The S&P Cotality Case-Shiller U.S. National Home Price Index (released May 26, 2026) posted a 0.7% annual gain for March 2026 – the 14th consecutive month of slowing annual price growth and the lowest reading since June 2023. On a seasonally adjusted basis, the national index fell 0.2% month-over-month in March, the first monthly decline in eight months. After adjusting for inflation, the real annual change was -2.4%, meaning home values continue to lose ground against inflation. More than half of the 20 major U.S. markets tracked by Case-Shiller posted year-over-year price declines in March. Seattle (-2.5%) is currently the weakest major market in the country, while Chicago (+6.1%) is the strongest.
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The FHFA House Price Index (also released May 26, 2026, as its Q1 2026 quarterly report) showed prices unchanged in February on a monthly basis and up 1.7% year-over-year nationally. The Mountain census division – which covers Washington, Oregon, Idaho, and Colorado, was the weakest region nationally, falling 1.1% month-over-month in February and down 0.7% year-over-year. The Middle Atlantic division led the country with a +4.2% annual gain.
New Home Sales (released May 28, 2026) fell 6.2% in April to a seasonally adjusted annual rate of 622,000, the lowest in three months and 11.3% below the April 2025 pace. The decline came as higher mortgage rates and geopolitical uncertainty weighed on buyer confidence. Sales dropped sharply in the South (-9.8%), Midwest (-25%), and Northeast (-12.9%), but rose 18.7% in the West – the one regional bright spot and directly relevant to our five lending states. The median new home price rose to $422,500, and supply climbed to 9.4 months, well above the 4–6 month normal range. NAHB Chief Economist Robert Dietz noted the Midwest is a relative bright spot year-to-date, while the rest of the country has seen declining new home sales volumes.
Existing Home Sales (released May 11, 2026 – April 2026 data) rose 0.2% month-over-month to a seasonally adjusted annual rate of 4.02 million units, essentially flat year-over-year. Total inventory reached 1.47 million units – a 4.4-month supply and the most for any April since 2019. The median existing-home price was $417,700, up 0.9% year-over-year, marking the 34th consecutive month of year-over-year price increases. Properties spent a median of 32 days on market in April, up from 29 days a year ago. Notably, Freddie Mac’s Chief Economist Sam Khater highlighted this week that pending home sales have now increased for three consecutive months, signaling latent demand that is ready to move when mortgage rates provide relief.
Housing Starts (released May 21, 2026 – April 2026 data) fell 2.8% to a seasonally adjusted annual rate of 1.465 million units, pulling back from March’s pace of 1.507 million. Single-family starts dropped 9.0% to 930,000. Despite the monthly dip, April starts were still 4.6% above April 2025 levels. Single-family permits declined for the second consecutive month, suggesting some further softening in single-family construction ahead. The overall building pace continues to run below what is needed to address long-term supply shortfalls, particularly in Western markets.
CoreLogic’s Home Price Insights showed annual U.S. home price growth easing to 0.7% year-over-year in January 2026, down from 3.5% at the start of 2025. The Northeast and Midwest remain the strongest-performing regions nationally. Locations with consistent job growth continue to be the primary driver of appreciation, while many Western markets face inventory and affordability headwinds.
Mortgage Rates: Freddie Mac’s Primary Mortgage Market Survey released June 4, 2026, showed the average 30-year fixed-rate mortgage at 6.48%, down from 6.53% the prior week and below the 6.85% level seen a year ago. Mortgage rates remain elevated but have moved lower from their spring highs. More recent daily market tracking shows rates generally holding in the mid-6% range as of June 11.
Rates continue to be influenced by inflation concerns, Treasury yields, and ongoing geopolitical uncertainty. The stronger-than-expected May employment report reinforced expectations that the Federal Reserve will keep short-term interest rates higher for longer, reducing the likelihood of near-term rate cuts. Most major forecasts continue to project mortgage rates remaining above 6% through the remainder of 2026, though modest improvement remains possible if inflation continues to cool later in the year.
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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