According to The Seattle Times the leveling off of home prices in the Seattle area has ended as the numbers are once again heading north. For the past three months home prices have been showing negative growth but the latest S&P CoreLogic Case-Shiller Home Price Index pegs prices rising in King, Pierce and Snohomish counties by 0.7% since last year. Most of the positive action is being attributed to hot times in Tacoma which is about thirty miles south of downtown Seattle.
Seasonal fluctuations aside, home prices in King and Snohomish Counties have more or less leveled off in the past year. Only Pierce County continues to post high price increases, according to home-sales data from the Northwest Multiple Listing Service (NWMLS), which is more granular than Case-Shiller. The Case-Shiller index is based on a rolling average of home prices in all three counties.
And homes selling for less than roughly $420,000 saw the strongest increases in price over last year, 0.5%, compared to more expensive homes, Case-Shiller data shows. Most of the homes in Pierce County, where prices are around $384,500, fall into that category.
Meanwhile, prices on homes selling for more than $420,000 stayed largely the same since last year. That price point includes most of the homes in King and Snohomish counties, according to the NWMLS.
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