The HMI was 45 nationally, while in the West the HMI was 41. While this is still below 50 and indicates pessimism about the housing market, the sentiment is slowly rising compared to months prior. The HMI is based on a monthly survey of NAHB members designed to take the pulse of the single-family housing market.

King County is now joining nearby counties, such as Snohomish and Pierce, that have seen home prices dropping for months. Reflective in the latest data from The Northwest Multiple Listing Service showing cooling prices, it is now apparent that homebuying and listing for homes and condos has decreased. The median price of single-family homes and condos was $760,000 in King County and $680,000 in Snohomish County.

The data reveals a significant decline in multifamily permit activity in King County. In January 2022, there were 1,544 multifamily permits taken out, whereas this January, only 293 were recorded, resulting in an 81% drop year-on-year. Pierce County is also trending downwards; however, Snohomish County has recorded similar numbers to the previous year.