By MBAKS Senior Policy Analyst Allison Butcher

December 2019 permit numbers show the Seattle metro area ended the year with a modest 3% decline in single-family permits and a 5% drop in multifamily permits compared to 2018. The overall decline for the metro area was driven by King County, which ended the year with 14% fewer single-family permits. However, Snohomish County saw an 11% uptick in single-family permits, and Pierce County was up 3%. For multifamily permits, the year-end decline for the metro area was driven by Pierce County, which saw permits drop 43%. Meanwhile, multifamily permits rose 13% in Snohomish County and remained flat in King County.

The Builder's Bulletin is intended to provide a convenient way to track housing in our market and includes information from the Northwest Multiple Listing Service, State of the Cities Data Systems, Office of Financial Management and the Washington State Employment Security Department.

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By MBAKS Senior Policy Analyst Allison Butcher

The Washington State Office of Financial Management has released its April 1 official population estimates of all cities and towns of the state, showing continued strong population growth. According to the annual estimates, the state’s population grew by 118,840 persons, a 1.6 % increase over the past year. The Puget Sound region’s population as of April 1, 2019 was 4,198,400. You’ll find the breakdown by county in this month’s Builders Bulletin.

The Builder's Bulletin is intended to provide a convenient way to track housing in our market and includes information from the Northwest Multiple Listing Service, State of the Cities Data Systems, Office of Financial Management and the Washington State Employment Security Department.

Download this month's report:

Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

Median home prices continued their upward trend in February, rising to $759,735 in King County and $700,250 in Snohomish County. The median price of a single family home meanwhile was $857,750 and $745,725 respectively.

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Months' Supply of Housing Inventory

As of February 2022

	King County had 0.55 months' supply of inventory (down from 0.85 months' of inventory a year ago).
	Snohomish County had 0.41 months' supply of inventory (down from 0.42 a year ago).

Many industry analysts consider a four-to-six-month level as an indicator of a healthy market.

Source: Northwest Multiple Listing Service

Median Home Price

February 2022

	The median price of single-family homes and condos was $759,735 in King County and $700,250 in Snohomish County.
	For single-family homes only, the median price in King County rose 14.37%, from $750,000 a year ago to $857,750. The median price in Snohomish County rose 19.49%, from $624,075 to $745,725.
	In Seattle, the median price of single-family homes and condos was $760,000. The median price for single-family homes only was $925,000, a 15.91% increase from $798,000 in February 2021.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for February 2022 is 4.3%; for Seattle/Bellevue/Everett, it is 3.4%.
	Construction employment in Washington increased by 2,500 between January 2022 and February 2022. Total construction employment is 230,600 statewide and 105,200 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), February 2022 and Bureau of Labor Statistics.

Population

The Puget Sound region's population as of April 1, 2021 was 4,330,400. Over the past year, the region added 66,200 people, as follows:

Source: Office of Financial Management

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