What I Saw Last Week
Data on June housing permit activity in the Puget Sound area were a mixed bag. Single family permits YTD in 2015 rose in Snohomish County but contracted in both King and Pierce counties. I believe that land constraints – in concert with high value expectations – are forcing builders to look farther afield for dirt to build on. This is supported by the contraction in activity in the core King County market and the growth in Snohomish County.
I still believe that the State will have to revisit the Urban Growth Boundaries sooner rather than later.
Case Shiller Index data for May show the 20-City Index up by 4.9% y/y (I had forecast an increase of 5.2%) and the Seattle region up by 7.4% (I had expected to see a 6.1% increase.)
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