This chart shows the index levels for the U.S. National Home Price Index, as well as its annual returns. As of the second quarter of 2012, average home prices across the United States are back at their early 2003 levels. At the end of the second quarter of 2012, the National Index was up 6.9% over the first quarter of 2012 and 1.2% above the second quarter of 2011.
The S&P/Case-Shiller Home Price Indices were released on Tuesday with data through June 2012. This marks the end of Q2, and the news is encouraging. All three headline indices (National, 10-City, and 20-City) ended Q2 with positive annual growth rates. The National Index was up 6.9% from Q1.
Analysts are impressed by the breadth of the increases. The gains are also 100% "organic", meaning they are not artificially boosted by the homebuyer tax credit programs which have expired.
Read the official press releases and see more graphs for each of the three headline indices on the S&P Dow Jones website.