The real estate market’s seasonal slowdown has begun, as evidenced by the October-to-November decrease of active listings by 15.1%, the Northwest Multiple Listing Service said this week.

The median sales price of single-family homes and condominiums for all 26 counties covered by the Northwest Multiple Listing Service increased almost 8% in October from a year ago.

A Federal Reserve interest rate cut in September provided a positive end-of-the-summer boost to the real estate market.

Pierce and Thurston counties saw substantially more properties for sale last month than in August 2023, but closed sales were virtually unchanged, which was generally the story across all 26 counties covered by the Northwest Multiple Listing Service.

The median sales price for single-family homes and condominiums combined rose 6.6% in Pierce County in July from the same month last year and 5.9% in Thurston County.