According to the Case-Shiller Home Price Index, which tracks home prices across 20 major cities nationwide, the three-year housing slump slowed sharply in April and May. And several cities actually saw prices rise — among them Denver, Washington, D.C., Chicago, Boston, Cleveland and Dallas. Even Miami, previously falling at a rate of 3% per month, only fell about 1% in May. Overall, May’s decline was just 0.2%, the slowest since 2007. Case-Shiller figures for June are to be released on Aug. 25.
Further signs that the market is on the rebound, inventories of unsold homes have come down. According to the National Association of Realtors, there were about 3.8 million unsold homes on the market at the end of June. That’s down dramatically from 4.5 million a year ago.
