July’s housing market in King and Snohomish counties was marked by significantly more active listings, little change in total sales, and slight declines in median sales prices for single-family homes and condominiums combined versus July 2024, according to figures released Tuesday by the Northwest Multiple Listing Service.

The combined median sales price in King County was $875,000, down 0.6%.

Snohomish County posted a median price of $765,000, down 1.3%.

At the end of July, the 30-year fixed mortgage rate was 6.72%, virtually the same as the average rate over the past year, NWMLS said in its July report. Consequently, home sales remain sluggish with only a 3.81% increase in transactions over July 2024 for all 27 counties in the NWMLS coverage area.

“As expected, the Federal Open Market Committee of the Federal Reserve Bank kept the federal funds rate unchanged at its July 30 meeting, reflecting ongoing concerns about inflation,” Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington, said in the NWMLS report. “Although the federal funds rate is not directly related to mortgage rates, this decision does suggest that there is unlikely to be any improvement in mortgage rates in the near future.”

In King County, single-family homes sold at a median of $1 million last month, up 0.1% from July 2024. On the Eastside, the median was almost $1.6 million, down 2.5%. The submarket of Bellevue, west of Interstate 405, continued to be the most expensive Eastside location, posting a median of almost $4.3 million, up 6.2%.

Meanwhile, King County condos had a median sales price of $530,000, flat from a year ago. The Eastside median was $629,000, up 0.2%. The most expensive Eastside market was Kirkland/Bridle Trails, at just more than $1.2 million, up 29.3%.

Snohomish County single-family homes sold for a median $805,000, down 1.6%. The southeast county posted the highest median at almost $1.2 million, down 0.6%.

For condos, the median was $529,975, down 5.4%, with the southeast county posting the highest median, almost $1.1 million, up 16.5%.