Homing in on Our Region's Housing Statistics

Housing inventory remains low and housing prices continue to rise, with a 19.73% and 21.74% increase in median single-family home prices in King County and Snohomish County, respectively. In more optimistic news, construction employment in the Seattle-Bellevue-Everett metro area has hit a record high.

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Months' Supply of Housing Inventory

As of July 2021

	King County had 0.66 months' supply of inventory (down from 1.13 months' of inventory a year ago).
	Snohomish County had 0.53 months' supply of inventory (down from .73 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

July 2021

	The median price of single-family homes and condos was $789,000 in King County and $675,000 in Snohomish County.
	For single-family homes only, the median price in King County rose 19.73%, from $727,500 a year ago to $871,000. The median price in Snohomish County rose 21.74%, from $575,000 to $700,000.
	In Seattle, the median single-family home price for July was $896,500, an 11.37% increase from July 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The Washington unemployment rate for July 2021 is 5.1%; for Seattle/Bellevue/Everett, it is also 5.1%.
	Construction employment in Washington increased by 1,900 between June 2021 and July 2021. Total construction employment is 226,700 statewide and 110,800 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), July 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

Housing Inventory Still Well Below Healthy Levels

Despite a modest increase in housing inventory for sale in King and Snohomish counties during September—reaching the highest levels seen all year with 1.13 and 1.26 months’ supply of inventory respectively—these figures are still well below the four-to-six month range that many industry analysts consider to be an indicator of a healthy market. The continued high demand and low supply is driving year-over-year price hikes of more than 14 percent in both counties.

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, U.S. Census Bureau, Office of Financial Management and the Washington State Employment Security Department.

Download this month's report:

By Margo Greenman, 425 Business Magazine

Headquartered in Bellevue, the Master Builders Association of King and Snohomish Counties is one of the oldest and largest local homebuilders association in the United States. With a more than 100-year history, the association has deep roots in the region.