March Case-Schiller Index: Seattle up 1.7% for the month

The feel of the rising tide of real estate just didn’t seem real until validated by the Standards & Poors / Case-Shiller Index.

This morning’s release shows that home values were up 1.7% over February, stopping a seven-month slide and coming within 1.3% of last March’s 132.97. With the strong demand in the market recently, it’s possible that next month’s C-SI will show a year-over-year gain for the first time since December 2007.

Locally, inventory is still low. A “balanced” market is considered to have an inventory level equal to the number of solds and pendings for the previous six months; currently, Seattle has a third of that inventory.

Nationwide, the index slid ever-so-slightly, from 134.14 to 134.10.

Seven of the twenty cities have shown year-over-year gains. Nationwide, the index is down 1.9%.

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