April showers brought higher home values in every major market except Detroit, according to the latest Standard&Poors/Case-Shiller Index.
The rise in values confirmed what local observers have known for months – the Seattle market has heated up. Values were up 2.0% in April, after a 1.7% jump in March.
The jump can be explained as a matter of increased demand and reduced supply. Active listings (inventory) in the Seattle metro area are down 10-15% from a year ago, and sales are up by 20% from a year ago.
Interest rates continue to set record lows, and lender money for investors is becoming more available.
The Case-Shiller Index can be accessed here.