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Area home prices post biggest gain in nearly six years

Seattle-area home prices rose 8.7 percent in January from a year earlier -- the biggest gain in nearly six years, according to a new report.

The price of a typical home in King, Pierce and Snohomish counties rose 8.7 percent from January 2012, up from an 8.2 percent increase in December, according to the S&P/Case-Shiller Home Price Indices. The price rose 1.1 percent from December to January, accounting for typical seasonal variation.

Median sales prices have been posting larger increases, but some of this was due to a changing mix in the homes that happen to sell. The S&P report looks at repeat sales of the same homes.

S&P's 20-city index rose 8.1 percent from a year earlier -- the biggest increase since the housing bubble burst.

"Economic data continue to support the housing recovery," David Blitzer, chairman of S&P Dow Jones Indices' Index Committee, said in the report. "Single-family home building permits and housing starts posted double-digit year-over-year increases in February 2013. Despite a slight uptick in foreclosure filings, numbers are still down 25 percent year-over-year. Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels."

The S&P report does not give actual prices. The median King County house sales price was $350,000, up 11 percent from a year earlier, according to the Northwest Multiple Listing Service.

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