Contact: data@mbaks.com

Single-family permit activity continues to fall, with amounts down 17% compared to this time last year. However, multifamily permits are up 1% when compared to this time last year.

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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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The MBA and the homebuilding industry in the city of Seattle won a decisive victory recently. In the matter of Bendare Dundat v. City of Seattle (Master Builders Intervenor), Judge Barbara Mack issued a decision overturning the City's 'qualifying lot' design review ordinance for being in violation of RCW 82.02.020.

The Court determined that the ordinance imposes direct and indirect costs on projects and developers that are neither reasonably necessary nor the direct result of the proposed development. As the Court stated, "It is hard to fathom how costs and fees could be reasonable and necessary for the smaller project, but not for the first, more impactful project on the adjacent property." Finally, the Court found the city admitted that the ordinance was designed to mitigate collective impacts, not the impact of any individual project—this is the very thing that violates RCW 82.02.020.

The MBA is very happy to have been able to provide financial support to pursuing this matter in court, and the outcome is a collective benefit to developers and builders in Seattle. The MBA will continue to identify ways in which it can work to improve housing affordability within Seattle.