Compared to cities tracked in a national index, Seattle home prices rose faster between February and March than 18 of the 19 other cities that were tracked. The 12 month rise was still within the national average. According the Standard & Poor’s/Case Shiller home price index, Seattle prices rose 3.0 percent for the month and 10.6 percent for the year.
Compared to a year ago, U.S. home prices jumped 10.9 percent in March
which was the most since April 2006. More buyers are bidding on a small
supply which is driving prices higher, making the market more
competitive as well as improving the housing market. Phoenix had the
highest annual gain with 22.5 percent followed by San Francisco with
22.2 percent and Las Vegas with 20.6 percent. New York had the
smallest annual increase with only 2.6 percent.
Although the market is seeing higher gains, many home owners are not
putting their homes on the market which is contributing to home prices
rising and encouraging builders to heighten construction. Applications
for building permits rose in April making it the highest level in close
to 5 years. If you're looking to buy or sell your home, contact your local real estate agent today.