Seattle was the only city among the top 20 markets tracked in the S&P/Case-Shiller Home Price Indices where home prices dipped in August.
The home-price index for Seattle nudged down 0.1 percent in August, while the average home price in the other cities increased 0.9 percent from the previous month, S&P/Case Shiller reported today.
Even though Seattle home prices slipped in August, prices are still up 3.4 percent compared to last year.
The index is a rolling three-month average, with this report covering the months of June, July and August.
The top performing city tracked by S&P/Case-Shiller was Phoenix, which posted its fourth month of double-digit gains in home prices, up 18.8 percent in August compared to the prior year. Meanwhile Las Vegas posted its first increase in home prices since January 2007, up 0.9 percent in August compared to the August 2011.
Other housing data are also positive. Single family housing starts are up 43 percent nationwide compared to last year, while homes sales continue to increase and the inventory of homes continues to decline, the report said.
JEANNE LANG JONES covers retail and real estate for the Puget Sound Business Journal. Phone: 206-876-5426 | Email: firstname.lastname@example.org Click here to sign up for the PSBJ Daily Update.