Home values are increasing in Seattle
Prices for real estate in Seattle, WA rose by 2.6 percent from April to May, according to the Seattle Post-Intelligencer. The publication cited a report released on July 31, which stated that 20 cities saw a similar increase in prices. This uptick proves the economy is turning around during this period of a slow moving recovery.
Seattle home values rose by a greater margin than the average increase, which was 2.2 percent across the 20 cities. Prices in Seattle also increased between March and April by 2 percent, and the city was one of the only in the nation that saw an uptick in home values from May 2011 to 2012.
"The fact that most regions have seen gains in recent months is a positive sign that the gradual improvement in housing conditions is becoming broader based," said Peter Newland, an economist at Barclays Capital, as quoted by the news source.
The increased prices are in part due to the fact that builders have become more confident and the demand for homes has gone up. The trend may also result from the fact that there are less foreclosures in the area, meaning the average home is being sold closer to its asking price.