Home prices are rising according to the S&P/Case-Shiller Home Price Index. The index is a repeat-sales index, which has the advantage of tracking the price change for similar assets sold over time (and the disadvantage of overweighting houses that are sold frequently and omitting unmeasured changes in house quality). Note that the release advertizes that the price decline during the 12 months leading up to May is less negative than that in the 12 months leading up to April (and the same for April relative to March). This means the monthly changes are less negative than a year ago – in fact they are positive. House prices are increasing in most major cities (the exceptions are lead by Las Vegas, and include Los Angeles, Miami and Phoenix).
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