Seattle home prices post year-over-year gain of 9.3 percent

Home prices in the Seattle area climbed 9.3 percent over the 12-month period that ended in February, according to the S&P/Case-Shiller Home Price Indices.

The year-over-year increase is further evidence that the Seattle-area housing market is well on the road to recovery after getting badly battered after the collapse of the nation’s housing bubble.

Seattle’s increase matched that of S&P/Case-Shiller’s 20-city composite index, which also rose 9.3 percent during the 12-month period that ended in February. All 20 cities have now had year-over-year increases for at least two straight months, a statistical event last recorded in 2005.

Seattle Bubble, a residential real estate blog, maintains an interactive graph of the year-over-year change for each of the 20 cities.

Average home prices nationwide are now back to levels last seen in the fall of 2003, S&P/Case-Shiller said in a press release.

In general, however, the nation’s home prices are still well off of the peak in the summer of 2006. The 20-city composite in February was down 30 percent from the peak.

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