Latest Jobs Report Shows Modest Improvement

By MBAKS Senior Policy Analyst Allison Butcher

New data from the Employment Security Department show continued modest improvement in the jobs picture for our state and region. The unemployment rate for Seattle/Bellevue/Everett fell from 5.5 in February to 5.4 in March. Meanwhile, construction employment in Washington increased by 1,400 between February and March.

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:

Despite headlines about a housing market cooldown and home prices dipping slightly compared to last month, median housing prices continue to rise year over year, with an 8.03% rise and a 22.29% rise in King and Snohomish counties, respectively, for combined single family and condo sales. Likewise, for-sale housing supply continues to drop, with both King and Snohomish counties—and much of the state—more accurately described as having weeks of supply, not months. Year over year, months of supply dropped 59% in King County and 37% in Snohomish County. There is at least some relief on the horizon, however, as year to date residential building permit activity is up 30% in our two-county region.

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Months' Supply of Housing Inventory

As of November 2021

	King County had 0.38 months' supply of inventory (down from 0.93 months' of inventory a year ago).
	Snohomish County had 0.24 months' supply of inventory (down from 0.38 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

November 2021

	The median price of single-family homes and condos was $740,000 in King County and $658,505 in Snohomish County.
	For single-family homes only, the median price in King County rose 12.25%, from $730,500 a year ago to $820,000. The median price in Snohomish County rose 22.79%, from $566,000 to $695,000.
	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 November 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for November 2021 is 4.7%; for Seattle/Bellevue/Everett, it is 4.4%.
	Construction employment in Washington increased by 1,800 between October 2021 and November 2021. Total construction employment is 229,400 statewide and 110,200 for Seattle/Bellevue/Everett specifically.