Seattle-area home prices jump 10.6 percent year over year

George Erb Editor-Puget Sound Business Journal

Seattle-area home prices continued to climb in March, posting a 10.6 percent gain over the same month the previous year, according to the S&P/Case-Shiller Home Price Indices.

Seattle and all 19 other cities in a 20-city S&P/Case-Shiller composite index posted positive year-over-year gains in home prices. It was the third straight month of year-over-year increases for the 20-city composite. The data for March represent a three-month rolling average for January, February and March.

The gains are indicative of a once-battered national housing market that is well on the road to recovery. Nonetheless, some challenges remain, said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.

“The larger than usual share of multifamily housing, a large number of homes still in some stage of foreclosure and buying-to-rent by investors suggest that the housing recovery is not complete,” Blitzer said in a statement.

Average home prices nationwide are now at levels last seen in mid-2003.

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