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Q3 2023  |  Western Washington

The pace of job growth continues to slow in Western Washington, as the region added only 21,907 new positions over the past 12 months. This represented a growth rate of 1.4%, which was the lowest pace of new jobs added since the pandemic ended.

The regional unemployment rate in August was 5.8%, which was marginally below the 6% rate we saw in the same quarter in 2022. A few smaller counties lost jobs over the past 12 months while King County’s employment levels rose a meager .4%, mainly due to job losses in the technology sector. I’ve said before that I’m not convinced that the U.S. is going to enter a recession; I still stand by that theory. Slowing job growth does not necessarily need to be a precursor to a recession, but I expect that we will see lackluster growth until next spring at the earliest.


Inside the report, you'll find forecasts based on the latest real estate data, including...
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Regional home sales

Analysis of closed transactions by area.
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Average home price

Price trends in your area and elsewhere.
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Days on market

A meaningful barometer of housing market intensity.
Matthew Gardner
Meet Matthew Gardner
As Chief Economist for Windermere Real Estate, Matthew is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Inside his regional report, you'll find forecasts with indicators to determine whether it is a buyer's or seller's market.