New data from the Employment Security Department show continued modest improvement in the jobs picture for our state and region. The unemployment rate for Seattle/Bellevue/Everett fell from 5.5 in February to 5.4 in March. Meanwhile, construction employment in Washington increased by 1,400 between February and March.

The median price of single-family homes and condos rose to $679,075 in King County and $576,050 in Snohomish County in February, data from the Northwest Multiple Listing Service show. Home prices are rising amid continued strong demand and low supply of homes for sale. King County had less than a months’ supply of homes for sale in February, while Snohomish County had less than two weeks’ supply.

The January jobs report was just released on March 16 and showed improvement from the prior month. Washington’s unemployment rate fell from 7.1% in December 2020 to 6.0% in January 2021. The January unemployment rate in the Seattle metropolitan area was 5.8%. The March Builders Bulletin also includes year-end permit totals for 2020, which were relatively flat for single-family. In contrast, multifamily permits fell 17% in King, Snohomish, and Pierce counties in 2020 compared to 2019.