There are now six home-building markets in Washington state showing improvement, according to the state home builders’ organization.
Bellingham, Kennewick and Longview joined an index of recovering home-building markets in January, joining Seattle, Spokane and Yakima that were added to in December. The Building Industry Association of Washington (BIAW) said the six markets are listed on the JanuaryNational Association of Home Builders/FirstAmerican Improving Markets Index “due to a marked uptick in house prices, employment and new building activity.”
The index includes markets that have shown improvement for at least six consecutive months using three sets of independent monthly data: employment growth from theBureau of Labor Statistics, house price appreciation from Freddie Mac and single-family housing permit growth from the U.S. Census Bureau.
“It’s encouraging to see 242 out of 361 metros from almost every state in the country on the IMI this month and the largest list from Washington state thus far,” said Art Castle, executive vice president of BIAW, in a statement.