Price Reductions Hit a New High This Week. Here’s What That Tells Us

Last week the market was quiet. New listings had dropped in half because of the July 4th holiday. Pending sales actually outpaced new listings for the first time in weeks. It looked like things might be shifting.

This week answered that question pretty clearly. The holiday effect is gone, and the underlying market dynamics are back.

This Week’s Numbers (Week Ending July 12, 2026)

• 478 New Listings (up 127% from 211 last week)
• 311 Pending Sales (down 5% from 327)
• 235 Homes Sold (down 19% from 289)
• 388 Price Reductions (up 60% from 242)
• 14 Price Increases (up from 5)
• 45 Back on Market (up slightly from 42)
• 39 Expired Listings (down from 67)
• 115 Canceled Listings (up 32% from 87)
• 12 Contingent

The Post-Holiday Snap Back

New listings more than doubled this week, from 211 up to 478. That was expected. When sellers and agents step back for a holiday, they tend to come back all at once the following week. So that jump on its own isn’t a signal of anything unusual.

But here’s the thing. When twice as many homes hit the market and pending sales barely move, inventory builds fast. The gap between new listings and pending sales jumped from -116 last week all the way to +167 this week. That’s the widest gap we’ve tracked so far this summer.

Price Reductions Are at Their Highest Point This Summer

The number that tells the real story this week is 388 price reductions. That’s up 60% from last week and the highest we’ve tracked in the weeks we’ve been following this market.

Now, some of that jump is the holiday effect unwinding. Fewer active listings last week meant fewer opportunities to reduce. But even accounting for that, 388 is a notable number. For context, the highest we’d seen before the holiday was 354, back in the week ending June 28. This week topped that by 34 reductions.

What it tells us is that sellers who have been on the market for a few weeks are feeling the pressure. They’re either cutting price to compete or, in some cases, canceling entirely. Canceled listings rose 32% this week to 115.

Buyers Are Still There, Just Being Selective

Here’s the part worth paying attention to if you’re thinking about selling. Pending sales only dropped 5% this week, even with twice as many listings competing for buyers’ attention. That means buyers are out there. They showed up this week. They just have a lot to choose from.

The homes going under contract are the ones that are priced to match what buyers are actually willing to pay right now. Not what the market looked like a year ago, and not what a neighbor sold for six months back. Today’s price.

What This Means If You’re Selling

More competition means you cannot afford to test the market with an optimistic number and plan to cut later. By the time you reduce, you’ve already lost the best window. Buyers pay the most attention to new listings. Getting the price right on day one is the most important decision you’ll make.

Presentation matters too. With 478 new listings in a single week, buyers can be picky. The homes that show well and are priced correctly are the ones that move. The ones that don’t check both boxes are sitting and eventually showing up in next week’s price reduction column.

What This Means If You’re Buying

This is a genuinely good time to be a buyer in Snohomish and North King County. Inventory is as high as it’s been all summer. Sellers are cutting prices at a record pace for our tracking period. And canceled listings are rising, which means some sellers who hold out may come back to market at better prices in a few weeks.

Take your time. Be selective. And don’t be afraid to negotiate on homes that have been sitting or that just reduced price. Those sellers are telling you something.

The Bottom Line

The holiday week gave us a brief, distorted picture last week. This week brought us back to reality. New listings surged, price reductions hit a new high, and the gap between supply and demand widened to its largest point this summer.

That’s not a crisis. It’s a market that continues to favor buyers over sellers right now. And the sellers who understand that and price accordingly are still finding success. The ones who don’t are showing up in the reductions and cancellations columns.

Reach out anytime if you want to talk through what this means for your situation. I’m happy to walk through it with you.