By MBAKS Senior Policy Analyst Allison Butcher

The latest Builder’s Bulletin shows just over two months’ supply of homes for sale in King and Snohomish counties during November. While this is an increase from the less than one months’ supply a year ago, it is still below the four-to-six-month level that many industry analysts consider as an indicator of a healthy market. Median home prices fell month-over-month from $613,509 to $605,000 in King County and rose from $445,000 to $450,000 in Snohomish County.

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.

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By MBAKS Senior Policy Analyst Allison Butcher

Data in the latest Builders Bulletin show a mixed bag for building permit activity in the first half of 2022. Multifamily permits in the Seattle Metro Area rose 20% in June, compared to the same period last year, led by King County where it was up 30%. Multifamily permit activity was relatively flat in Snohomish and Pierce counties.

Meanwhile, single family permits are down 17% across the Seattle Metro area as of June. Separately, the NAHB/Wells-Fargo Housing Market Index, which measures the confidence of single-family builders nationwide, has been falling amid higher interest rates and ongoing supply chain problems. Read NAHB’s latest press release on its builder confidence survey.

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Contact: data@mbaks.com

Amidst economic fluctuations, the construction sector in Washington is grappling with challenges. Recent data reveals a 10,800-job decline in construction employment between February 2023 and February 2024. The state’s overall construction workforce now stands at 225,800.

Read the full April Builders Bulletin: