Washington state home listings rise but affordability doesn't

By the numbers: The number of closed sales in January increased almost 11% compared to the same time last year, according to Northwest Multiple Listing Service' January report, covering counties in Washington and parts of Oregon.

• NWMLS brokers added 6,693 new listings, up 35.1% from last year, per the report, and the median home price rose 3.6% to $615,000.
• Mortgage rates increased from 6.69% to about 6.95%.

The big picture: Home showings jumped 57% from December, indicating strong buyer interest despite cost concerns.

Zoom out: The three counties with the highest median sale prices were San Juan ($850,000), King ($799,000), and Snohomish ($748,752), per NWMLS.

Reality check: The income needed to buy a median-price home in Seattle and Washington is well above national average and industry experts warn that higher construction costs and economic uncertainty could push prices up even more.

What they're saying: Tariffs on Canadian and Mexican imports as well as new immigration policies that are expected to shrink the labor force could further increase the cost of home construction, said Steven Bourassa, director of the Washington Center for Real Estate Research, in the report.

What we're watching: How the Trump administration's focus on deregulation and fiscal policy over Fed rate cuts could shape long-term interest rates and impact mortgages.