More of the Same for This Spring's Housing Market: Increasing Home Prices. Low Inventory. Bidding Wars.

BELLEVUE, Wash., March 21, 2017 /PRNewswire-USNewswire/ -- With the inventory of homes for sale down 25 percent, homes values increasing over 10 percent, rents skyrocketing, and more people relocating to our region, the Pacific Northwest housing market continues to struggle with a housing affordability crisis.  

"Despite efforts to add more housing, including a rise in apartment home construction in the region, the demand for housing has significantly outpaced supply," said MBA Executive Director Shannon Affholter. "Lack of buildable land and other barriers to new home construction have contributed significantly to escalating housing costs and a housing supply shortage in King and Snohomish counties. Unfortunately, this is making it harder for families and workers to find attainable housing near job centers."

The Master Builders Association of King and Snohomish Counties (MBA) has prepared an issue brief to discuss ways the Puget Sound region can make housing more attainable and create a healthier, more sustainable balance between housing supply and demand. Suggested solutions include:

• Address regulatory barriers that limit supply and increase the cost of housing. Policymakers should seek opportunities to create more efficiencies and flexibility in how regulations are implemented while still meeting their intended purpose.
• Focus policy action on buildable land supply. The State Legislature and local governments must adopt viable solutions to expand housing supply and choices and make the Growth Management Act work as intended.
• Incentivize more housing opportunities near job centers. Policymakers should consider more incentive-based approaches to promoting affordable housing.
• Stabilize funding for housing and homeless programs. The state's efforts to stabilize funding for housing and homeless programs should occur hand in hand with reasonable efforts to increase the supply of housing near job centers.

"The housing affordability crisis only appears to be getting worse," Affholter added. "We must advance solutions to address our lack of affordable and attainable housing and improve our region's quality of life."

SOURCE Master Builders Association of King and Snohomish Counties