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.