NEWS & INSIGHTS
What’s Happening
Industry News
Builder groups examine impact of rising home prices, interest rates – and policy decisions – on affordability
Median priced homes in Washington, estimated at $430,000, are unaffordable to 76% of the households in the state, according to an analysis by the Building Industry Association of Washington (BIAW). Newly built homes (excluding resales), at an average price of $635,131 (more than $200,000 higher than the national average), are [..]
Industry News
Resources, lists of incentives for “going green” offered to builders, consumers
Finding information about home energy tax credits and related incentives that are scattered across several agencies can be daunting, according to representatives from Built Green®, the green home certification program of the Master Builders Association of King and Snohomish Counties (MBAKS). To help homeowners and builders become more aware of [..]
Industry News
Seattle mayor signs measure asking voters to renew an expanded $970M housing levy
Seattle voters will decide whether to renew a proposed levy to fund affordable housing over the next seven years. The $970 million measure will appear on the November 7 General Election ballot. If passed by a simple majority of voters, the owner of a median-valued home would pay $383 a [..]
Industry News
Pro-housing YIMBYs strive to counter NIMBY movement
Describing their members as “simply everyday people who have experienced and seen the negative impacts of scarce and expensive housing,” a group of young housing advocates known as “Yes in My Backyard” (YIMBY) Action has grown to 49 chapters across the U.S. (including Washington state). Organized as a social welfare [..]
Industry News
Virginia declared “most patriotic state,” Washington ranks 13th
Washington is the 13th most patriotic state in the United States, according to a report by WalletHub. The personal finance website compared the states across two key dimensions, “Military Engagement” and “Civic Engagement,” using 13 weighted metrics. Each metric was graded on a 100-point scale with a score of 100 [..]
Industry News
Friends of Housing Awards
Individuals or organizations who are helping make affordable housing in Washington state more attainable may deserve recognition with a “Friend of Housing” award. Nominations for awards in nine categories are due by August 1 and may be submitted online. The Washington State Housing Finance Commission will celebrate the honorees in [..]
Industry News
News In Brief: July 2023
A new type of housing will be allowed to sprout in Shoreline from now on, though officials aren’t sure whether many developments will actually be built under the city’s new rules according to the Seattle Times. The Shoreline City Council voted Monday (June 5) to legalize “cottage housing” in low-density zones that [..]
Industry News
Northwest MLS to publish revised forms on July 11
Northwest Multiple Listing Service will publish numerous forms on July 11, including several revised forms and six new forms. Legal Bulletin 223, published on June 20, summarizes the changes, which include both substantive updates and minor clarifications. The revised forms (see table) are currently available on NWMLS’s website as sample [..]
Monthly Market Update
Demand keeping inventory in check as buyers compete over low inventory
Brokers with Northwest Multiple Listing Service reported their highest volume of closed sales last month (6,842) since September 2022’s total (7,504) as buyers competed for limited inventory. The Northwest MLS report summarizing June activity showed there was about six weeks of supply (1.55 months), with twelve of the 26 counties [..]