Seattle-area home prices higher than last year for third month in a row

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.

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