The supply of homes and condos for sale reached 4.30 months in King County and 3.64 months in Snohomish County in August, according to data released by the Northwest Multiple Listing Service. While this creates more options for buyers, the latest reporting is another sign of the ongoing economic uncertainty and market challenges in our region and state.

The July builder sentiment numbers released by the National Association of Home Builders (NAHB) fell two points to 34 nationally and 27 in the West amid continued economic uncertainty and market challenges. The NAHB/Wells Fargo Housing Market Index (HMI) gauges builder confidence in the market for newly built single-family homes. Locally, the Seattle metro area’s unemployment rate is 5.2%, one point higher than the U.S. unemployment rate.

The Puget Sound region saw its population growth moderate over the past year, according to new population estimates from the Office of Financial Management featured in the July Builders Bulletin.