U.S. single-family home prices rose for the fourth month in a row in May on a seasonally adjusted basis, suggesting a recovery in the housing market continued to gain traction. The S&P/Case-Shiller composite index of 20 metropolitan areas gained 0.9 percent in May on a seasonally adjusted basis, topping economists’ expectations for a 0.5 percent gain.
On a non-seasonally adjusted basis, prices fared even better, jumping 2.2 percent.

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However looking at a chart of the price level, prices are still only around where they were in 2003.

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