Builders Bulletin: Year-End Figures Show Decrease in Single-Family and Multifamily Homebuilding

The latest end-of-year numbers reveal a downturn in both single-family and multifamily homebuilding from 2022 to 2023. As of December 31, 2023, the number of single-family permits stands at 6,053, reflecting a year-on-year decline of 16% compared to 2022 figures. Similarly, multifamily permits have seen a substantial decrease, with 11,201 permits issued as of the same date, indicating a sharp year-on-year decline of 43%.

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.