King County home prices up 4.9%

Seattle TimesHouse prices stay on rise in King and Snohomish counties

By Eric Pryne, Seattle Times business reporter

House prices rose in May in King County for the second consecutive month, prompting market-watchers to employ with greater certainty some words you may not have heard in a good long while:

Rebound. Stabilization. A seller’s market.

The median price of single-family homes sold last month was $362,000, up 0.6 percent from April and a more impressive 4.9 percent from May 2011, according to statistics released Monday by the Northwest Multiple Listing Service.

The year-over-year increase was the biggest since prices peaked in 2007 — and there have been few months since then with any increase at all. Continue Reading>