05/07/2026
April 2026 Market Action Report
The April numbers show a housing market that is still moving, but momentum appears to be shifting depending on price point and location. While inventory continues to rise across both SW Washington and the Portland Metro, buyers are becoming more selective and affordability pressures remain a major factor.
In SW Washington, new listings jumped 17.8% from March and were up 5.2% compared to April 2025. Pending sales slipped slightly from March, down 1.0%, but remained 10.9% higher than a year ago. Closed sales increased 6.6% month-over-month and 2.2% year-over-year, showing that many buyers who locked rates earlier in the year are now reaching the closing table. Inventory climbed to 3.3 months, up from 2.9 months in March, while market time improved slightly to 72 days.
Despite stronger activity levels, pricing softened. Average sale prices in SW Washington fell 6.9% from March and median prices dropped 3.5%. Compared to April 2025, average sale prices were down 6.7% and median prices were down 1.9%. However, looking at the rolling 12-month averages, values are still modestly higher than last year, suggesting the market is experiencing short-term cooling rather than a major correction.
The Portland Metro market showed a similar pattern but with slightly more stability in pricing. New listings rose 24.0% from March and 1.1% from last year. Pending sales increased 1.6% month-over-month and 5.9% year-over-year, while closed sales surged 12.5% from March and 7.1% from April 2025. Inventory remained steady at 3.1 months, and average market time declined significantly to 63 days.
Pricing in Portland Metro was relatively flat. Average sale price edged up 0.1% from March while median price increased 1.1%. Compared to a year ago, average sale prices were down 0.3% and median prices were essentially unchanged. This points to a market that is stabilizing rather than accelerating.
One trend worth watching closely is buyer activity. While pending and closed sales improved, there are signs that demand may be slowing after the brief rate relief earlier this year. Showing activity has started to taper off, which is unusual for spring. That suggests some of the recent increase in closings may simply reflect buyers rushing to secure lower rates before borrowing costs moved back up again.
Overall, the market is becoming more balanced. Sellers are facing more competition as inventory grows, buyers have more options and negotiating power, and pricing momentum has cooled considerably from the aggressive appreciation seen in prior years. Well-priced homes in desirable areas are still selling, but buyers are increasingly sensitive to condition, affordability, and value.
Noah Realty 360-450-7374
