Low home inventory sparks new construction

The low inventory of homes in the Puget Sound area has spurred a resurgence in homebuilding.

King County building permits for new homes are up 36 percent through October to 3,300, according the U.S. Census Bureau. Permits have nearly doubled on an annual basis since the housing low point of 2009.

Local realtors say homeowners are skittish about listing their homes for sale because many of them owe more than current value.

Permits for new homes averaged nearly 4,800 in King County annually from 2002 through 2007.