After a spring decline, home prices in the Puget Sound area appear to be once more on the upswing.
For the third month in a row, home prices in October were higher than they were 12 months ago, according to the latest numbers from the S&P CoreLogic Case-Shiller Home Price Index, which lags by two months. Compared to the previous month, prices rose by a seasonally adjusted 0.7%.
In a big change from a general trend of declining growth over the past 18 months, year-over-year price growth has accelerated since July. The 2.5% year-over-year increase in home prices in King, Pierce and Snohomish counties is the largest year-over-year jump in home prices since February.
Still, home prices around these parts are growing slower than the national average.
Year over year, home prices nationally grew 3.3%, a trend that Craig J. Lazzara, S&P managing director, called “reassuring.”
“Home prices are currently more than 15% above the pre-financial crisis peak reached July 2006,” he said in a statement.
Consistently low mortgage rates and a resilient job market suggest the national housing market may be “primed for a reacceleration,” said Zillow chief economist Matthew Speakman in a statement.
Cities in the southeast saw the fastest price growth in the latest Case Shiller data. Tampa, Florida; Charlotte, North Carolina; and Atlanta all rose by more than 4% year-over-year.
San Francisco was the only city to post a decline among the 20 major home markets tracked by the index. Home prices there fell by 0.4%, compared to last year.
October saw the fastest year-over-year jump in Seattle home prices in 12 months, according to data from the Northwest Multiple Listing Service.