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The April 2023 population estimates have been released, highlighting a 1.1% growth since April 2022 in Washington. According to estimates from the Office of Financial Management, Washington's total population has surpassed 7.9 million residents, with a total of 4,437,100 just in the Puget Sound region. King County has witnessed the largest influx, with an addition of 30,100 individuals since last April. Snohomish County follows closely with a growth of 12,500 over the same time period.

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Shannon interviewed state Senator Guy Palumbo (D-1st District) about the recently signed SB 5674, which will make the final plat approval process significantly more efficient.

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Contact: data@mbaks.com

King County recorded a 1.5 months' supply of housing inventory as of June 2023, indicating a slight increase from the 1.34 months' supply reported in June 2022. Similarly, Snohomish County saw its inventory supply rise to 1.07 months, up from 1.34 months a year earlier. These figures illuminate the ongoing challenges of supply and demand dynamics in the area's housing market. According to many industry analysts, a four- to six-month inventory level is often deemed indicative of a healthy real estate market. Despite the increase, the current supply falls notably short of this benchmark, underscoring the continued pressure on prospective homebuyers and the need for further market adjustments. Read the full August Builders Bulletin.

Read the full August Builders Bulletin: