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
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King County had 0.66 months' supply of inventory
(down from 1.13 months' of inventory a year ago). |
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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
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The median price of single-family homes and condos was $789,000 in King County and $675,000 in Snohomish County. |
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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. |
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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
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The Washington unemployment rate for July 2021 is 5.1%; for Seattle/Bellevue/Everett, it is also 5.1%. |
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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
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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:
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Source: Office of Financial Management
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