Number of the Day: 12.4

As in, Seattle metro area median home prices are up 12.4 percent from last year, topping Zillow's list of fastest appreciating U.S. markets.

In the everlasting battle between West Coast cities boasting the most eye-popping home prices, Seattle seems to have landed a surprise left uppercut to its sister (cousin?) to the south, the n-o-t-o-r-i-o-u-s San Francisco.

San Fran (they hate being called that) still holds the edge in median home values, with the average Bay Area home running just over $865,000, compared to $455,000 in the Seattle metro area, which includes Everett, Bellevue, and Tacoma.

Despite the still rather large gap in median prices, our region's $455,000 is up 12.4 percent from last year, which is good enough to top Zillow's list of fastest-appreciating markets. U.S. home values rose 6.9 percent during the same period, while San Francisco has thus far seen a 6 percent increase, or half of what Seattle is experiencing.

Still, don't expect the median price gap to close anytime soon. San Francisco had hit our current median home value way back in July 2002 and they haven't looked back since.

Is this a sign of where we're headed? MBAKS and friends recently addressed this issue at our annual Housing Summit, held October 17. At the Summit, the association announced our 2018 legislative agenda, including a 10-Point Plan for Housing Attainability.

Curious about the rental market? Seattle tops that list too, with a 5.5 percent increase year over year, which comes out to a median monthly rent of $2,189. U.S. rents are up 2.1 percent (at $1,430 a month), and San Francisco again limbos under the trend at a scant 0.4 percent increase, though don't start putting flowers in your hair just yet—their median rent is still a bloated $3,376 per month.

I guess that's one thing to be thankful for this Northwest Thanksgiving—at least we're not San Francisco… yet.

By MBAKS Senior Policy Analyst Allison Butcher

New data from the Employment Security Department show continued modest improvement in the jobs picture for our state and region. The unemployment rate for Seattle/Bellevue/Everett fell from 5.5 in February to 5.4 in March. Meanwhile, construction employment in Washington increased by 1,400 between February and March.

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.

Download this month's report:

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.

Download this month's report: