The above chart shows the year-over-year change in the Case-Shiller House Price index — usually considered the gold standard of home price indices.
On a year over year basis, analysts expect it to come in down 0.05% when it comes out later today. Even a modest beat could see house prices rise on a year-over-year basis. Note that there was growth in early 2010, but that was only off the epic collapse of 2008-2009… house prices quickly resumed their fall that year.
CAVEAT: Here in “Seattle”, this report uses King, Snohomish and Pierce Counties to represent “Seattle”.