By MBAKS Senior Policy Analyst Allison Butcher

Recent building permit data for the Seattle metro area shows single-family and multifamily permits fell in King County by 8% and 26%, respectively, in September year-to-date compared to the same period last year. Meanwhile, permits are up in Snohomish and Pierce counties during the same period.

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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Shannon Affholter is the executive director of the Master Builders Association of King and Snohomish Counties, the largest and oldest local homebuilders association in the nation. Previously, he was the vice president of business and economic development for Economic Alliance Snohomish County. While there, he advanced strategic growth plans, advocated on behalf of business and fostered economic development in the region. He also was elected to serve two terms on the Everett City Council.

Prior to his tenure at Economic Alliance Snohomish County, Affholter was a business development executive at the regional accounting firm of Moss Adams and an account executive with Merck. He holds an MBA from Western Washington University and a Bachelor of Business Administration from Pacific Lutheran University. In The Money Hour segment today, Shannon talks about how the demand for housing has significantly outpaced residential housing supply.

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: