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Housing Market Shows Modest Inventory Gains Amid Rising Prices and Slowing Construction

Housing inventory in King and Snohomish counties improved slightly in March 2025 but remains below healthy market levels, with King County at 1.9 months' supply and Snohomish County at 1.4. Median home prices continued to rise, reaching $977,500 in King County and $790,000 in Snohomish County for single-family homes. Builder confidence declined sharply, with the national Housing Market Index falling 22% year over year to 40 and the Western regional index at 35. Construction activity also slowed, as single-family and multifamily permits in the Seattle metro area fell 6% and 5% respectively compared to last year, and Washington’s construction employment dropped by over 12,000 jobs.

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Seattle Metro Permit Volume Drops in Q1 2025

New permit data show a 33% decline in permits in the Seattle metro area in the first quarter of 2025 compared to the same period last year. While single family permits saw a modest increase in King and Pierce counties through March of this year, they fell 43% in Snohomish County. Multifamily permits were down 46% across our metro area during Q1 2025 compared to last year, with the biggest decline in King County. Pierce County was the only county to see an increase in multifamily permits during the first quarter.

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By MBAKS Senior Policy Analyst Allison Butcher

The Office of Financial Management (OFM) has posted its annual population update, which shows continued growth in the Puget Sound region. As of April 1, 2021, King, Kitsap, Pierce, and Snohomish counties added 66,200 people. According to The Seattle Times, the Seattle metropolitan area, which includes King, Pierce, and Snohomish counties, now exceeds 4 million people.

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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