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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Help Resolve this Crisis by Contacting your Senators Today

Tariffs on imported Canadian softwood lumber are contributing to increased production costs and harming home buyers. With lumber prices running well above $500 per thousand board feet in July, we need a solution to protect the home building industry and consumers.

Tell your senators to NEGOTIATE NOW to reach a lumber trade solution.

Share this video and send a message now asking your senators to sign onto a bipartisan letter urging the administration to reach a lumber trade solution with Canada.

Send a message to Congress

Homing in on Our Region's Housing Statistics

Severe shortages of housing inventory for sale continued in December, with only 0.27 months’ supply (about one week) in King County and 0.20 months’ supply (less than a week) in Snohomish County. This represents a decline from the previous month and year-over-year. The snow and cold temperatures also impacted home sales in December, according to the Northwest Multiple Listing Service.

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Months' Supply of Housing Inventory

As of December 2021

	King County had 0.27 months' supply of inventory (down from 0.63 months' of inventory a year ago).
	Snohomish County had 0.20 months' supply of inventory (down from 0.26 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

December 2021

	The median price of single-family homes and condos was $749,000 in King County and $679,950 in Snohomish County.
	For single-family homes only, the median price in King County rose 9.46%, from $740,000 a year ago to $810,000. The median price in Snohomish County rose 22.06%, from $573,495 to $700,000.
	In Seattle, the median price of single-family homes and condos was $762,475. The median price for single-family homes only was $839,000, a 4.88% increase from $799,950 in December 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for December 2021 is 4.5%; for Seattle/Bellevue/Everett, it is 4.1%.
	Construction employment in Washington increased by 1,300 between November 2021 and December 2021. Total construction employment is 231,400 statewide and 109,200 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), December 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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