18 of 20 cities show home price improvement

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New York Times reports, “Eighteen of the 20 cities tracked by Standard & Poor’s Case-Shiller Home Price Index showed improvement in June, up from eight in May, four in April and only one in March…For all the improvement reflected in the new Case-Shiller report, housing prices are still down sharply in comparison to last year’s figures. The increases reported on Tuesday show up when June’s transaction prices are compared with those of the month before. But when this June is compared with June of 2008, the 20-city composite index is still down 15.4 percent — an improvement from the 19.1 price decline of last winter. Average home prices are now at the level they were in early 2003.”