Seattle housing out of pace with job growth

single-family-housingSeattle now ranks in the top ten metropolitan areas that can’t keep pace with the demand for single family housing generated by job growth. In a study just released by the National Association of REALTORS, the Seattle housing market ranked seventh in terms of a construction permit shortfall. The study measured the number of building permits needed to satisfy the demand for housing as a result of job growth over a three year period from 2013 to 2015. NAR estimates Seattle needed an additional 73,000 building permits to keep pace with its job growth over that period of time.

Lawrence Yun, chief economist of NAR, said a mix of both starter homes and larger units are needed “to ensure home ownership opportunities remain in reach to qualified prospective buyers at all age and income levels.”