According to reports by the Seattle Post-Intelligencer and Seattle Times, home prices in Seattle and King County have risen for the first time in two years, and total home and condo sales are up across the region.

Defying rumors that prices have yet to bottom out, local prices inched up an average 0.9 percent. Local condo sales have risen 47 percent over the last year.

Read the reports on the Seattle PI and Seattle Times websites.

In a report Friday about rising mortgage rates, the Wall Street Journal reported that this week’s rates have already reached their highest peak in eight months. With an average 5.21 percent rate on a 30-year home loan, rates are expected to continue increasing throughout the year.

These rising rates come as no surprise. With April marking the end of a federal program that has kept rates artificially low, this climb was predicted by economists (see Seattle Times and PI: Local Closings Rise 18% over Last Year, Prices Up 6%, and Low Mortgage Rates Rising in April)

To read the report, go to the Wall Street Journal website.

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