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The new Boeing contract will likely boost housing demand by increasing incomes and job security for machinists, providing a positive outlook for long-term income and job growth in the region, a local economist told 成人X站 Newsradio.

Appearing on “Seattle’s Morning News,” Windermere principal economist said despite the strike, there was no clear indication of softening home prices or buying demand.

鈥淪ettling the strike at Boeing is definitely a tailwind for housing demand in the region,鈥� Tucker said. 鈥淚t鈥檚 boosting incomes for the machinists there at Boeing, and it鈥檚 giving some more certainty about that kind of long-run income and job growth for the region.鈥�

Despite the strike, home prices remained stable.

鈥淚 don鈥檛 think that we saw a clear signal of softening of home prices or home buying demand during the strike,鈥� Tucker noted. He added that the Seattle metro area鈥檚 unemployment rate is about half a point higher than the national average, partly due to the strike鈥檚 impact on the labor market.

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Home prices continue to rise as mortgage rates fall

Improved mortgage affordability in October led to an increase in listings and lower mortgage rates compared to the previous year. King, Pierce and Snohomish Counties experienced notable home price increases, with King County up 8%, Snohomish County up 7.5% and Pierce County nearly 10%.

鈥淭he upsurge in activity all around the region and even in the Seattle MSA (Metropolitan Statistical Area) was striking,鈥� Tucker said. 鈥淏uyers had more options to choose from, and they did have somewhat lower mortgage rates, especially compared to this time last year.鈥�

San Juan County, with a median home price of $1.1 million, saw fluctuations influenced by its small market size and ferry commute challenges.

鈥淚n October, we saw a grand total of 19 closed home sales this year versus 21 last year,鈥� Tucker explained. 鈥淚t鈥檚 really almost kind of just a roll of the dice of who happens to be selling that home.鈥�

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Light rail, Boeing contract impacts housing

The new light rail extension has spurred demand and development, attracting both residents and investors.

鈥淭he opening of light rail stations is a major amenity that is attracting more demand and more interest,鈥� Tucker stated. 鈥淚t鈥檚 filling up those parking lots in that area pretty much every day.鈥�

Seattle is also considering changes to its design review process to expedite housing development.

鈥淭he city is taking public comments on whether to exempt more buildings from design review,鈥� Tucker said. 鈥淭here are sort of a whole series of layers of vetoes that keep sending a builder and their architect back to the drawing board again and again.鈥�

The city鈥檚 efforts include potentially expanding the floor area ratio ceiling to facilitate the construction of townhomes and other multi-family housing options.

鈥淭his was a big step forward for missing middle housing,鈥� Tucker concluded. 鈥淓specially maybe duplexes, townhomes, fourplexes on previously single-family homes throughout the city.鈥�

The new light rail extension has attracted demand and development, drawing interest from both residents and investors. Seattle is also considering changes to its design review process to expedite housing development, aiming to address the region鈥檚 growing demand for homes. The city is taking public comments on exempting more buildings from design review and expanding the floor area ratio ceiling to facilitate the construction of multi-family housing options.

Bill Kaczaraba is a content editor at MyNorthwest. You can read his stories here. Follow Bill on and email him here.听