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.

Download this month's report:

Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

The Seattle metropolitan area saw a significant increase in multifamily permit activity in 2021 compared to the previous year, led by King and Pierce counties—up 71% and 31% respectively. More than 22,000 multifamily permits were issued in the three-county metro area last year, surpassing pre-pandemic levels of fewer than 19,000 multifamily homes in 2018 and 2019. Single family permits were also up 24% in Pierce County year-over-year. Meanwhile, Snohomish County had a modest decrease in permits last year compared to 2020. King County ended the year down 8% for single family permits.

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 January 2022

	King County had 0.49 months' supply of inventory (down from 0.92 months' of inventory a year ago).
	Snohomish County had 0.33 months' supply of inventory (down from 0.41 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

January 2022

	The median price of single-family homes and condos was $720,000 in King County and $686,792 in Snohomish County.
	For single-family homes only, the median price in King County rose 6.90%, from $725,000 a year ago to $775,000. The median price in Snohomish County rose 19.17%, from $599,990 to $715,000.
	In Seattle, the median price of single-family homes and condos was $729,000. The median price for single-family homes only was $790,000, a 0.19% decrease from $791,471 in January 2021.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for January 2022 is 4.4%; for Seattle/Bellevue/Everett, it is 3.5%.
	Construction employment in Washington increased by 500 between December 2021 and January 2022. Total construction employment is 228,100 statewide and 101,900 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), January 2022 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:
Sharon Couts
Master Builders Association of King and Snohomish Counties
425.499.1723

Bellevue, Wash—June 22, 2016—The Master Builders Association of King and Snohomish Counties and Regence BlueShield will volunteer for Habitat for Humanity Seattle-King County's "La Fortuna" townhome community in Renton, a 3-Star Built Green® property. Volunteers will focus on unmasking floors, installing appliances, painting, and cleaning in preparation for the homeowner dedication on July 16, 2016. At that time, eight low-income families will receive the keys to their new homes and a better future.

La Fortuna residents will include U.S. military veterans, Americans who were once refugees from war-torn countries, and others who came to our region in search of a better life for their families. The future homeowners have worked together as friends and neighbors to help build and create this community.

Habitat for Humanity's vision of creating "a world where everyone has a decent place to live" is shared by the Master Builders Association of King and Snohomish Counties and Regence BlueShield. This vision, and the idea that affordable housing should be accessible to all families—including low-income, middle class, and those struggling with homelessness—has led Regence and the MBA to form ongoing partnerships with this organization.

Schedule—Wednesday, June 22, 8:45 a.m. to 1 p.m.

• 8:45 a.m.: Check-in. Distribute protective equipment.
• 9:00 a.m.: Safety orientation, description of work assignments.
• 9:15 a.m.: Work under the instruction of Habitat site staff.
• 12:45 p.m.: Cleanup
• Location: Habitat for Humanity Seattle-King County's La Fortuna New Construction community in Renton, 17286 127th Ave. SE, Renton, WA 98058

About Habitat for Humanity Seattle-King County

Habitat for Humanity SKC is an affiliate of Habitat for Humanity International, a nonprofit housing organization that brings people together to build homes, communities, and hope. Habitat SKC is dedicated to eliminating substandard housing through constructing, renovating, and preserving affordable homes, and by providing training and access to resources to help families improve their shelter conditions. Habitat SKC builds more than houses—we transform local communities. Habitat SKC has built renovated or repaired more than 450 homes for local families in need. For more information or to get involved, visit habitatskc.org or follow us on facebook.com/habitatskc or twitter.com/habitatskc.

About Regence BlueShield

Regence BlueShield has been serving Washingtonians in select counties for nearly a century and now provides more than 1.1 million members with comprehensive health insurance solutions. As a nonprofit independent licensee of the Blue Cross and Blue Shield Association, Regence is part of a family of companies dedicated to transforming health care by delivering innovative products and services that change the way consumers nationwide experience health care. For more information, please visit regence.com, facebook.com/regenceblueshieldwa or twitter.com/regencewa.

About the Master Builders Association

Founded in 1909, the Master Builders Association of King and Snohomish Counties (MBA) has grown to become the largest residential homebuilders association in the United States. With 2,800 member companies, the association is dedicated to membership value, government advocacy, financial stewardship, and promoting the residential building industry in the Puget Sound region. The association and its members address many of the concerns and issues affecting the residential housing industry. If you are looking to buy, build, remodel, or maintain your home, trust MBA for industry professional referrals and practical information to get the job done. mbaks.com

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