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February 2026 Builders Bulletin: Housing Inventory Rises

Mortgage interest rates continued to trend lower in January as housing inventory for sale increased. While this shift offers some relief for homebuyers, other indicators in the February Builders Bulletin point to continued headwinds for the housing market, including higher unemployment in Washington state and the Seattle region in December and declining builder confidence in January.

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By MBAKS Senior Policy Analyst Allison Butcher

In May, the median home price rose to $775,000 in King County and $655,000 in Snohomish County, up 23.6% and 32.86% respectively from a year ago. The low inventory of homes for sale plus high demand continues to put upward pressure on home prices.

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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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.

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