Finally heading in the opposite direction. Data not seasonally adjusted.
For the first time in three years, U.S. single-family home prices rose in May, according to today's S&P/Case Shiller Home Price Index. The index tracks changes in the value of the residential real estate market in 20 metropolitan areas across the U.S. In May, the index went up by 0.5 percent. According to a Reuters poll, economists had forecast a 0.5 percent drop in the index.
The seasonally adjusted version of the index shows another drop in housing prices, but it's the smallest drop since 2007.
The stabilization in the index comes right after yesterday's news that sales of new homes are up, even though median prices for new homes fell. Much of the mess we're in started with the bubble in the housing market. Stabilizing home prices will be key to getting us back out again.