Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

Median home prices continued their upward trend in February, rising to $759,735 in King County and $700,250 in Snohomish County. The median price of a single family home meanwhile was $857,750 and $745,725 respectively.

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Months' Supply of Housing Inventory

As of February 2022

	King County had 0.55 months' supply of inventory (down from 0.85 months' of inventory a year ago).
	Snohomish County had 0.41 months' supply of inventory (down from 0.42 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

February 2022

	The median price of single-family homes and condos was $759,735 in King County and $700,250 in Snohomish County.
	For single-family homes only, the median price in King County rose 14.37%, from $750,000 a year ago to $857,750. The median price in Snohomish County rose 19.49%, from $624,075 to $745,725.
	In Seattle, the median price of single-family homes and condos was $760,000. The median price for single-family homes only was $925,000, a 15.91% increase from $798,000 in February 2021.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for February 2022 is 4.3%; for Seattle/Bellevue/Everett, it is 3.4%.
	Construction employment in Washington increased by 2,500 between January 2022 and February 2022. Total construction employment is 230,600 statewide and 105,200 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), February 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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By MBAKS Senior Policy Analyst Allison Butcher

April marked the second month in a row in King County and the third consecutive month in Snohomish County that the month’s supply of housing inventory was below two months. While this is below the four-to-six-month level—many industry analysts consider as an indicator of a healthy market—the year-over-year gain in inventory is significant.

The Builder's 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:

MBAKS has released a new middle housing issue brief to support successful implementation of House Bill 1110. The new brief, Middle Housing Implementation Plan, contains process and model code recommendations for cities subject to HB 1110, as well as tools and resources related to middle housing.

MBAKS’ overarching suggestion for cities implementing middle housing is to keep it simple. The easier and more cost-effective it is to build middle housing, the more likely it is to be built, and the more attainable it will be for those looking for a place to call home. The recommendations in the issue brief were informed by the work of MBAKS’ Ad Hoc Middle Housing Advisory Group and are designed to streamline the review process and facilitate more housing choices.

Allowing more middle housing will enable cities to better plan for a spectrum of housing choices so that current residents, newcomers, and future generations may find a home that best fits their lives. View Middle Housing Implementation Plan.