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In November 2023, real estate trends in the Pacific Northwest revealed shifts in median home prices. According to the latest data, King County experienced a substantial 7% surge in the median price of single-family homes, rising from $827,000 in the previous year to a current value of $885,500. Meanwhile, Snohomish County witnessed a 4% increase in single-family home prices, elevating the median from $700,000 to $725,000. The overall median price, with both single-family homes and condos, stood at $799,925 in King County and $703,635 in Snohomish County. This upward price trajectory can be attributed to the dwindling housing inventory, underscoring the increased demand for homes in the area.

Read the full December Builders Bulletin:

By Allison Butcher, Master Builders Association, The Lens News

Over the past 18 months, five King County cities have adopted a building moratorium, temporarily putting the brakes on new home construction.

While a moratorium is legal, it does not mean it is good policy. At a time when demand for housing is far outpacing housing supply, which drives up both home prices and rents and makes housing less attainable, building moratoria certainly are not good for housing. They also are not good for our economy or the families and workers looking for a home closer to job centers. Furthermore, they potentially could run counter to our region's transportation investments that contemplate the need for more transit-oriented development in certain areas.

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.

Download this month's report: