For the first time in seven months, home pricesas recorded on the S&P/Case Shiller Home price Indices saw month-to month gains. The press release even referred to it as a “spike.” A 1.3 percent rise for the 10 and 20 city composites. When you seasonally adjust, the number dips to 0.7 percent, but it is still in the positive, and these days in housing, that apparently constitutes a spike.
“Some of this is probably because this is the spring selling season really hitting its stride,” notes S&P’s David Blitzer, “but certainly not all of it. My guess is half of what we’re seeing is real gains, not just seasonal shifts.”