Why the Gap Between New Listings and Pending Sales Widened This Week

Last week, 394 new listings came on the market in Snohomish and North King County, and 310 of them went pending. That’s a gap of 84 homes. This week, 441 new listings hit the market while pending sales only dipped slightly to 298. The gap is now 143 homes.

That’s a meaningful jump. But it’s not the story you might expect. Buyer activity didn’t fall off a cliff this week. New listings surged instead.

This Week’s Numbers (Week Ending June 28, 2026)

• 441 New Listings (up from 394, +12%)
• 298 Pending Sales (down from 310, -4%)
• 267 Homes Sold (up from 228, +17%)
• 354 Price Reductions (up from 312, +14%)
• 9 Price Increases (up from 5)
• 21 Back on Market (down from 27, -22%)
• 24 Expired Listings (down from 33, -27%)
• 134 Canceled Listings (up from 100, +34%)

Supply Jumped. Demand Held Pretty Steady.

Here’s the part worth paying attention to. Pending sales only dropped about 4% this week. That’s a small move, not a dramatic one. New listings, on the other hand, jumped 12%.

So the widening gap isn’t really about buyers backing off. It’s about more sellers putting their homes on the market while demand stayed roughly the same. More supply and the same number of buyers means more competition for every listing.

Price Reductions and Cancellations Both Climbed

Price reductions rose again this week, up 14% from last week. That continues a pattern we’ve been watching for a few weeks now. More sellers are adjusting their price down to where buyers actually are.

Canceled listings jumped even more, up 34%. That’s a different kind of response. Instead of cutting price, some sellers are deciding to step back from the market entirely rather than keep competing.

Both moves tell a similar story. The sellers who listed at a number the market won’t support right now are running out of patience, whether that means a price cut or a full withdrawal.

The Good News: Sold Homes Are Up

It’s easy to focus only on the gap, but homes sold actually rose 17% this week, up to 267 from 228. Back on market and expired listings both dropped too. Deals that go under contract are sticking, and closings are happening at a healthy pace.

That matters because it shows the market is still functioning well for homes that are priced and presented correctly. The slowdown isn’t across the board. It’s concentrated in homes that haven’t adjusted to where buyers actually are.

What This Means If You’re Selling

More competition means your home needs to work harder to stand out. That’s just the reality with 441 new listings hitting the market in a single week.

But the data doesn’t say buyers disappeared. It says they’re being more selective with more options in front of them. Price to match today’s market, present the home well, and don’t wait too long to adjust if it’s not getting attention in the first couple weeks.

What This Means If You’re Buying

This is a good week to be a buyer. More inventory came on the market, and demand barely moved, which means you have more leverage and more choices than you did last week.

Just don’t assume every home needs a lowball offer. The well priced ones are still selling, and selling fast. Save your negotiating room for the homes that have been sitting.

The Bottom Line

The gap between new listings and pending sales widened from 84 homes to 143 this week, and that’s worth watching. But the bigger driver was a surge in new listings, not a collapse in buyer activity. Pending sales barely moved, and homes sold actually rose.

If you want to talk through what this means for your specific situation, reach out anytime. I’m happy to walk through it with you.

Data sourced from Snohomish & North King County MLS activity, week ending June 28, 2026.