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Housing Market Shows Modest Inventory Gains Amid Rising Prices and Slowing Construction

Housing inventory in King and Snohomish counties improved slightly in March 2025 but remains below healthy market levels, with King County at 1.9 months' supply and Snohomish County at 1.4. Median home prices continued to rise, reaching $977,500 in King County and $790,000 in Snohomish County for single-family homes. Builder confidence declined sharply, with the national Housing Market Index falling 22% year over year to 40 and the Western regional index at 35. Construction activity also slowed, as single-family and multifamily permits in the Seattle metro area fell 6% and 5% respectively compared to last year, and Washington’s construction employment dropped by over 12,000 jobs.

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February 2026 Builders Bulletin: Housing Inventory Rises

Mortgage interest rates continued to trend lower in January as housing inventory for sale increased. While this shift offers some relief for homebuyers, other indicators in the February Builders Bulletin point to continued headwinds for the housing market, including higher unemployment in Washington state and the Seattle region in December and declining builder confidence in January.

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By Marc Stiles / Puget Sound Business Journal

As the Puget Sound region's economy continues its stratospheric rise, many are asking how we can avoid replicating the worst elements of San Francisco Bay area—specifically its soaring home prices.

With economic trends in Seattle following the Bay Area's like clockwork, it seems inevitable that our region will indeed become more like theirs.