June’s data for the S&P/Case-Shiller Home Price Indices were mostly positive. The 10- and 20-City Composites were each up 1.1% for the month, 19 of the 20 cities covered by the indices were up in June over May, and the National Composite was up 3.6% in the second quarter of 2011.
A closer look at the annual rates of change (which removes any seasonal effect on price changes) is finally showing something marginally positive for the housing market. Thirteen of the 20 cities and both monthly Composites saw their annual growth rates improve.
This means that home prices versus the same month last year were better than previously reported; although we must point out this only means they were less negative. We need to see this trend continue for many months before we know that home prices have truly stabilized.