Contact: data@mbaks.com

This month's Builders Bulletin features a new data point, the NAHB/Wells Fargo Housing Market Index (HMI). This is a national and regional indicator that tracks builder perception of current single-family home sales and expectations. It has decreased every month in 2022, reflecting a general bearish outlook towards the housing market amid rising construction costs and high interest rates.

Download this month's report:

Homing in on Our Region's Housing Statistics

King County multifamily construction is on the upswing after three months of depressed permits following the implementation of the 2018 Energy Code. 91.7% of those multifamily units—and all of the multifamily growth in King County—are in buildings with five or more units; permits for two- to four-unit housing remain low. King County single-family permits have also hit a high for the year, although it is slightly lower than permit numbers at the same time last year. With less than one month of supply in both King and Snohomish counties, more housing production is desperately needed.

Please contact data@mbaks.com with questions or feedback. We want to know what data would be useful to you!

Months' Supply of Housing Inventory

As of August 2021

	King County had 0.62 months' supply of inventory (down from 1.16 months' of inventory a year ago).
	Snohomish County had 0.49 months' supply of inventory (down from 0.69 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

August 2021

	The median price of single-family homes and condos was $771,750 in King County and $667,410 in Snohomish County.
	For single-family homes only, the median price in King County rose 14.41%, from $742,950 a year ago to $850,000. The median price in Snohomish County rose 25.21%, from $555,000 to $694,900.
	In Seattle, the median price of single-family homes and condos was $799,000. The median price for single-family homes only was $875,000, a 6.06% increase from $825,000 in August 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The Washington unemployment rate for August 2021 is 5.1%; for Seattle/Bellevue/Everett, it is also 5.1%.
	Construction employment in Washington decreased by 1,600 between July 2021 and August 2021. Total construction employment is 224,200 statewide and 107,300 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), August 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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FOR IMMEDIATE RELEASE
Media Contact:
Stephanie Giralmo, Public Relations & Media Manager
Master Builders Association of King and Snohomish Counties
p 425.457.7048

MBAKS Announces 2021 REX/T-REX (Remodeling Excellence and Trades Remodeling Excellence) Awards Winners

BELLEVUE, Wash.—June 12, 2021—For the 35th year in a row, the Master Builders Association of King and Snohomish Counties (MBAKS) hosted their annual Remodeling/Trades Remodeling Excellence (REX/T-REX) Awards.

The REX / T-REX Awards, presented by the Remodelers Council of MBAKS, encourages local remodelers and builders to submit their best projects of the year. Each submission is reviewed by a panel of remodeling professionals from across the country and winners are selected in each category. The categories are as follows: Bath Excellence, Kitchen Excellence, Residential Remodel Excellence, Green Remodel Excellence, Exterior Remodel Excellence, Landscape & Outdoor Living Excellence, Get Away Room & Specialty Space Excellence, and Design Excellence.

REX/T-REX entries were judged on the following categories:

1. Aesthetics—How is the remodel visually appealing?
2. Special or unique design solutions—How was the space planned and was livability considered?
3. Quality workmanship—What are the special features of the project and is there attention to detail?
4. Use of appropriate building material—Does the remodel complement existing structure and design?
5. Budgetary consideration—How did the project keep within the budget and still deliver client expectations?
6. Challenges and obstacles—Were there any unexpected obstacles that called for adjustments?

2021 REX/T-REX Winners

About the Master Builders Association of King and Snohomish Counties

Founded in 1909 and headquartered in Bellevue, Washington, the Master Builders Association of King and Snohomish Counties (MBAKS) is one of the nation’s oldest and largest local homebuilders associations. Like our founders, our members continue to take a leading role in all facets of homebuilding and support the planning for a growing region. From new technology to advances in sustainability, from collaborative public policy efforts to investing in our communities, our commitment to a thriving, inclusive and well-planned region never wavers. We are the professional homebuilders, architects, remodelers, tradespeople (carpenters, framers, roofers, plumbers, electricians), planners and engineers, suppliers, manufacturers, and sales and marketing professionals in your community who believe everyone deserves access to a healthy and productive place to call home.

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