Census data shows that in 2016 the Seattle metropolitan area gave out permits for 25,516 new housing units, good for seventh in the nation. The Seattle Times staffer Mike Rosenberg explains why Seattle has some of the fastest rising home prices in the nation despite the new homes that are being constructed.
Construction has not kept pace with job growth in 2016, evidenced by Greater Seattle actually being slightly below average for new housing construction when adjusted for job growth:
The Seattle area was tied for second in employment growth last year, behind Orlando but even with Salt Lake City and San Jose. Seattle has also been among the fastest-growing cities in the nation for population for several years now.
With demand and supply both growing rapidly, demand is winning. Apartment vacancy rates and the number of homes for sale are both historically low, driving up prices.