The Regence Realty Blog

Home prices in the Seattle metropolitan area bounced back in March after declining for seven straight months, according to one closely watched index, providing more evidence the market may at long last have hit bottom. Prices were up 1.7 percent from February. The Seattle metropolitan area includes King, Snohomish and Pierce counties.

The 30-year fixed rate mortgage (FRM) averaged 3.78 percent, down slightly from last week's average of 3.79 percent. One year ago, the 30-year FRM averaged 4.6 percent. Interest rates on a 15-year FRM averaged 3.04 percent, unchanged from last week's average. At this time last year, a 15-year FRM averaged 3.78 percent. A 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week, also unchanged from last week. A year ago, a 5-year ARM averaged 3.41 percent.

The glut of condos that hit downtown Seattle right during the real-estate downturn is disappearing as buyers move back into the market. Market analysts agree the balance between condo supply and demand has shifted recently - if only because most of the supply, at long last, is gone.