By MBAKS Senior Policy Analyst Allison Butcher

The housing and economic indicators featured in this month’s Builders Bulletin reflect the state of the market just prior to the start of the COVID-19 crisis in the Puget Sound region. It shows housing inventories still very low in our two counties, with 1.17 months’ supply in King County and 0.93 months’ supply in Snohomish County. Data from the Northwest Multiple Listing Services also show median home prices holding steady in February—$615,000 in King County and $494,263 in Snohomish County. The February unemployment rate was a near record-low 2.6% for Seattle/Bellevue/Everett and statewide construction employment was 225,200.

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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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

	King County had 0.66 months' supply of inventory (down from 1.13 months' of inventory a year ago).
	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

	The median price of single-family homes and condos was $789,000 in King County and $675,000 in Snohomish County.
	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.
	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

	The Washington unemployment rate for July 2021 is 5.1%; for Seattle/Bellevue/Everett, it is also 5.1%.
	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

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

The Washington unemployment rate for August showed some improvement on a monthly basis, moving to 8.5%, compared to 10.2% the previous month. The Seattle/Bellevue/Everett unemployment rate fell from 8.2% in July to 7.4% in August. Twelve months ago the unemployment rate in Snohomish County was 3.0%, and 2.7% in King County. The August 2020 Monthly Employment Report marks the sixth month since the impacts of COVID-19 started showing up in the local labor market.

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: