Prices for Seattle single-family homes continue to stabilize and sales activity is picking up, according to a report from the Northwest Multiple Listing Service.

Seattle home prices were up 1.40 percent in February over the same period a year ago – the second straight year-over-year increase – but down 3.86 percent from January. The median price for a single-family home in Seattle was $399,000 in February, compared with $415,000 in January. In February 2009, the median home price was $393,500.

Prices for condominiums were up 6.02 percent from a year ago, but down 8.08 percent from January to $290,500.

Pending sales – a good indicator of the most recent market activity – were up 60.58 percent from last year and 26.42 percent from January in Seattle. The extended federal tax credit for homebuyers expires April 30.

There were 313 closed sales in Seattle in February, up 41 percent from last year.

The numbers had industry insiders anticipating a busy spring.

"We are entering what is traditionally our busiest home selling season," NWMLS director OB Jacobi, general manager of Windermere, said in a news release. "With the first job increase since 2008 and closed sales in King County up about 45 percent, there is every indication that our market is in recovery."

Seattle PI