Seattle, Washington (PRWEB) June 11, 2014
Seattle real estate expert David Sprague RE/MAX notes that Seattle, Bellevue, and Redmond Washington home prices accelerated again in March, posting the biggest gain among all metro areas except San Francisco, according to the S&P/Case-Shiller 20-city index just released.
Sprague echoed that the average price of an existing single-family homes in King, Snohomish and Pierce counties jumped 1.9 percent over February, when the average price rose 0.6 percent. Sprague points out that the Seattle-area market had not seen such healthy price growth increase since last July’s buying frenzy sparked by rising interest rates.
Over the past 12 months, prices have risen 11.6 percent. For 13 consecutive months, prices have increased annually by double-digit percentages — but the Seattle real estate and Bellevue area real estate markets are still about 15 percent below the July 2007 peak.
Nationally, home prices in March gained 0.9 percent over the month and 12.4 percent over the year. Annual price gains have slowed in the last four months and 13 cities saw a moderate appreciation in March. Las Vegas, Los Angeles, Phoenix, San Francisco and Tampa saw substantial slowdowns in appreciation.
“Mortgage rates are near a seven-month low, however recent comments from the Fed point to bank-lending standards as a problem,” Sprague said.
Sprague notes that inventory remains low in the greater Seattle market, which continues to generate multiple offers on many homes. With the strong employment in the Seattle area, Sprague predicts "more of the same for the coming months."