Seattle home prices up 10.6 percent in 12 months

Home prices in Seattle rose faster between February and March than in 18 of the 19 other cities tracked in a national index, but the region’s 12-month increase was in line with the national average.

Seattle prices rose 3.0 percent for the month, and 10.6 for the year, according to the Standard & Poor’s/Case-Shiller home price index released Tuesday. The monthly increase was the biggest since April 1990, and the 12-month increase the biggest since January 2007.

U.S. home prices jumped 10.9 percent in March compared with a year ago, the highest annual increase since April 2006. A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover.

READ MORE