18 of 20 markets tracked by the Case-Shiller Index showed rising home values in June.  It’s the 5th consecutive month with strong numbers and the best showing for the benchmark housing index since home values began deflating in 2006.

Some would argue it’s a sign that housing has finally bottomed out. Even Case-Shiller representatives acknowledge that home prices are “on an upswing”.

Despite the Case-Shiller Index’s popularity with economists and the press, though, it’s falls short of being a perfect housing indicator.  As examples:

1. Its data is reported with a 2-month lag
2. Its sample set includes just 20 U.S. cities
3. Real estate isn’t a “national” market — it’s local

Nevertheless, flaws aside, Case-Shiller is still important.  It helps identify broader trends in housing and many people believe the housing is the keystone of the economy right now.

This is why June’s Case-Shiller Index gives cause for hope.  The nascent housing recovery has a long road ahead but June’s Case-Shiller data shows that we’re heading in the right direction.

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