Homing in on Our Region's Housing Statistics

Multifamily permits jumped again in King County—a 113% increase over the average for the last 12 months. King County was joined this month by a spike in Pierce County multifamily permits (247% over average) and modest growth in Snohomish County multifamily permits (8% over average). 51% of housing permitted for the month in the three-county region was in buildings in King County with five or more units. Two-unit building permits are also up 87% over average in King County, possibly due to local ADU policy reforms. Single-family permits remain fairly stable, with slight month-over-month increases in Snohomish and Pierce that are nonetheless at or below the 12-month average for those counties. 

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Months' Supply of Housing Inventory

As of September 2021

	King County had 0.68 months' supply of inventory (down from 1.12 months' of inventory a year ago).
	Snohomish County had 0.48 months' supply of inventory (down from 0.56 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

September 2021

	The median price of single-family homes and condos was $745,000 in King County and $650,000 in Snohomish County.
	For single-family homes only, the median price in King County rose 9.55%, from $753,600 a year ago to $825,600. The median price in Snohomish County rose 18.42%, from $569,997 to $675,000.
	In Seattle, the median price of single-family homes and condos was $765,000. The median price for single-family homes only was $850,000, a 3.66% increase from $820,000 in September 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for September 2021 is 4.9%; for Seattle/Bellevue/Everett, it is 4.8%.
	Construction employment in Washington increased by 3,600 between August 2021 and September 2021. Total construction employment is 229,500 statewide and 110,000 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), September 2021 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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By MBAKS Senior Policy Analyst Allison Butcher

The Office of Financial Management (OFM) has posted its annual population update, which shows continued growth in the Puget Sound region. As of April 1, 2021, King, Kitsap, Pierce, and Snohomish counties added 66,200 people. According to The Seattle Times, the Seattle metropolitan area, which includes King, Pierce, and Snohomish counties, now exceeds 4 million people.

The Builders 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:

Each election cycle, our Affordable Housing Council (AHC) interviews candidates at the city, county, and state levels to determine their degree of support for housing.

The following candidates have received an AHC endorsement for the 2023 election cycle.

Ballots are due Tuesday, November 7. Your vote in support of AHC-endorsed candidates will go a long way toward affecting the outcome of these critical races.

For dropbox locations, ballot questions, and more, visit King County Elections or Snohomish County Elections.

Endorsements as of October 19, 2023.