King County’s August median home price of $815,000 stayed relatively flat compared to the previous month, which was $810,000. Snohomish County saw a month-over-month dip in its median home price of single-family homes and condos—from $737,500 in July to $700,000 in August. Year-over-year prices were up 5.6% in King County and 4.9% in Snohomish County.

What’s driving up home prices? Supply and Demand.

Data in the latest Builders Bulletin show a mixed bag for building permit activity in the first half of 2022. Separately, the NAHB/Wells-Fargo Housing Market Index, which measures the confidence of single-family builders nationwide, has been falling amid higher interest rates and ongoing supply chain problems.

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June housing data from the Northwest Multiple Listing Service show a growing inventory of homes for sale, with 1.34 months’ supply available in both King and Snohomish counties. While this moves us toward greater balance in the market, many analysts consider a four-to-six-month level as an indicator of a healthy market.