King and Snohomish counties ended 2020 with higher year-over-year median home prices amid continued tight supply of housing inventory for sale. The December 2020 median home price for single-family homes and condos was $676,000 in King County and $535,000 in Snohomish County, an increase of 9.92% and 8.08% respectively, compared to December 2019.

Data show the supply of housing for sale continuing to decline in King and Snohomish counties. King County had 0.93 months’ supply of inventory, down from 1.39 months’ of inventory a year ago. Snohomish County had just 0.49 months’ supply of inventory in November, down from 1.27 a year ago.

Recent building permit data for the Seattle metro area shows single-family and multifamily permits fell in King County by 8% and 26%, respectively, in September year-to-date compared to the same period last year. Meanwhile, permits are up in Snohomish and Pierce counties during the same period.