Windermere Real Estate released its first quarter 2026 regional real estate report on Apr. 23, providing an overview of economic and housing trends across six major markets in the company’s nine-state footprint.
The report highlights how recent global events, including the war in Iran and related energy shocks, have begun to impact mortgage rates and economic growth. While mortgage rates dipped below 6% at the end of February for the first time in over three years, they jumped by as much as half a point after the onset of conflict. The resulting increase in gasoline prices and ongoing uncertainty are expected to slow economic growth and push prices higher.
Despite these challenges, local housing data for the first quarter largely reflect conditions before these impacts took hold. In Greater Seattle, active listings rose by 35% compared to last year, with new listings up by about 12%. However, closed sales were down by 4%, and median home sale prices remained slightly below year-ago levels. The Portland area saw inventory growth slow but experienced an uptick in new listings (up 8%) and a modest increase in closed sales (up 2%), with flat median home sale prices at $600,000.
Other regions showed mixed results. Sacramento’s inventory grew just 3%, while closed sales matched last year’s numbers but median sale price remained slightly lower than March of last year. Northwest Washington continued shifting toward buyers with active listings up by 20% but fewer closed sales than last year. Spokane-Coeur d’Alene recorded a balanced market: active listings increased by 17%, new listings rose by 9%, total closed sales edged up by about one percent from last year’s figures, and average sale prices increased two percent for the quarter.
Salt Lake County saw strong activity with closed home sales rising ten percent over a weak first quarter of last year; median sale price climbed two percent to $610,000 amid steady inventory levels.
The report concludes that many markets are currently experiencing unusual balance during what is typically their strongest selling season—marked this spring by higher inventories, longer times on market, slower price appreciation, and more nuanced negotiations between buyers and sellers.
