What I Saw Last Week
The FHFA Housing Price Index met my forecast and rose by 0.4% in May. Year-over-year, house prices were up 5.7%.
Puget Sound employment continues to rise with all local counties showing significant monthly and annual gains. King County employment rose by 13,700 in June (+52,800 y/y), Snohomish County added 1,100 jobs (+5,400 y/y) and Pierce County added 1,200 new positions (+13,500 y/y).
Growth rates remain impressive; however, we must remember that these numbers are not seasonally adjusted, so the month-over-month figures may be exaggerated. That said, the year-over-year figures are still remarkably positive. I would like to have seen Snohomish County growing its employment at a faster pace, but limited growth in the aerospace industry is acting as an anchor.
Even given the growth…
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