Home prices in the Seattle metro area hit a wall in May, traditionally one of the year’s busiest shopping periods, posting weaker than expected gains, according to the S&P/Case Shiller index released Tuesday.
The average price of existing single-family homes sold in King, Snohomish and Pierce counties was the same as in April, after seasonal fluctuations are taken into account. That was weaker than April’s 0.6 percent average gain over March.
Over the past 12 months, the average price in the Seattle area was up 7.4 percent, the same pace as April, according to S&P Dow Jones Indices, publisher of the index.