July pendings ≥ 630 in Snohomish confirms the bull read. June printed 601. We will report the miss either way.
1The read
Active listings continue to build across the NWMLS footprint even as notice-stage filings slow for a third consecutive month — the kind of divergence that usually resolves in one of two directions within a quarter. Inventory is not evenly distributed: Kitsap holds the lowest months-of-inventory of any county in the state's published statistics, while the three-county core we track shows a milder build.
2Why it matters
New-construction $/lot and resale $/lot have moved in different directions this month for the first time since 2023 — a split worth watching, since the two series usually track together within a few points. If the split persists through August, it points to builders holding price on a thinner active pipeline rather than chasing resale comps down.
3What we're watching
- Snohomish pending sales against the 630 threshold above.
- Whether pre-application filings recover from their third straight monthly decline.
- The King and Pierce finished-lot $/lot YTD figures against their 2025 full-year averages — both now published on the homepage scoreboard.
Every figure above is dated and sourced; where a claim can't yet be verified against the transaction record, we say so rather than guess.