By MBAKS Senior Policy Analyst Allison Butcher

The supply of housing inventory for sale in July remained very low in the Seattle market, with 1.13 months’ supply in King County and just 0.73 months’ supply in Snohomish County, according to the Northwest Multiple Listing Service. Meanwhile, single-family permits in the Seattle metro area (including King, Snohomish, and Pierce counties) were down 7% and multifamily permits down by 11% in June, compared to the same period last year.

The Office of Financial Management’s (OFM) annual population projections have been released, showing strong continued growth in Washington. The 2020 estimates indicate Washington’s population grew to more than 7.6 million people as of April 1. The Puget Sound region’s population, including King, Snohomish, Pierce, and Kitsap counties, grew by more than 60,800. According to OFM, most of the population change occurred before the COVID-19 crisis.

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.

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FOR IMMEDIATE RELEASE
Media Contact:
Sharon Couts
Master Builders Association of King and Snohomish Counties
425.499.1723

Governor Signs Into Law Buildable Lands Bill

New Law Will Improve the Methodology and Process Used to Assess Buildable Lands

Bellevue, Wash—July 7, 2017—Governor Jay Inslee yesterday signed into law Senate Bill 5254, ensuring adequacy of buildable lands and zoning in urban growth areas. The bill, sponsored by Senator Joe Fain (R-47th District), will improve the methodology and process by which local jurisdictions assess buildable lands.

Nick Harper, senior director of strategy & policy at the Master Builders Association of King and Snohomish Counties, explained the significance of the bill, which has been a top legislative priority for the association. “The bill’s passage represents a major step forward for the buildable lands process by ensuring greater accuracy of information used to plan for growth,” he said. 

“The new law brings more specificity into what items must be reviewed to determine whether lands are buildable or what density could be achieved,” Harper added. “More accurate buildable lands data should help our region do a better job of utilizing existing land supply and infrastructure to meet current and future housing demand.”

The new law also provides increased certainty and flexibility for local jurisdictions to assist in funding low-income and homelessness programs.

The Growth Management Act requires King, Snohomish, Pierce, Clark, Thurston, and Kitsap counties to establish a buildable lands program to determine whether the counties and cities within them are achieving urban growth within their urban growth areas. Senate Bill 5254 adds Whatcom County to the list of counties participating in the buildable lands program. View the House Bill Report for Senate Bill 5254.

About MBAKS

Founded in 1909, the Master Builders Association of King and Snohomish Counties has grown to become the largest residential homebuilders association in the United States. With more than 2,900 member companies, the association is dedicated to membership value, housing advocacy, community service, and financial stewardship throughout the Puget Sound region. mbaks.com

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By MBAKS Senior Policy Analyst Allison Butcher

Housing Inventory Still Well Below Healthy Levels

Despite a modest increase in housing inventory for sale in King and Snohomish counties during September—reaching the highest levels seen all year with 1.13 and 1.26 months’ supply of inventory respectively—these figures are still well below the four-to-six month range that many industry analysts consider to be an indicator of a healthy market. The continued high demand and low supply is driving year-over-year price hikes of more than 14 percent in both counties.

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, U.S. Census Bureau, Office of Financial Management and the Washington State Employment Security Department.

Download this month's report: