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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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By MBAKS Senior Policy Analyst Allison Butcher

The housing and economic indicators featured in this month’s Builders Bulletin reflect the state of the market just prior to the start of the COVID-19 crisis in the Puget Sound region. It shows housing inventories still very low in our two counties, with 1.17 months’ supply in King County and 0.93 months’ supply in Snohomish County. Data from the Northwest Multiple Listing Services also show median home prices holding steady in February—$615,000 in King County and $494,263 in Snohomish County. The February unemployment rate was a near record-low 2.6% for Seattle/Bellevue/Everett and statewide construction employment was 225,200.

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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