Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing topic
No spam. Unsubscribe anytime.
Council: Building permits show modest pickup while Seattle prices slip
Summary
The council reported multifamily permits have risen slightly after years of decline, prompting a small upward revision to permit forecasts, while Seattle-area housing prices were down about 2.5% year-over-year in March.
Dave said building permits — a leading indicator for construction — have been down for four years but that the first months of 2026 show signs of a pickup, particularly in multifamily permits; the council revised its permits forecast up slightly. "We're actually up, year on year through March," he said of permits.
By contrast, Dave said Seattle-area house prices are contracting year-over-year (about -2.5% in March), driven in part by homeowners holding low mortgage rates and current mortgage rates near 6.5% that reduce listing incentives. The council said permits may mark a bottom in 2026 and expects growth to resume in 2027.
