It looks like the beginning of the end to one of the worst housing markets ever.
Although inventories are still rising, home prices declined only half a percent, and only eight-tenths of a percent for the past three months, according to the Real-Time Housing Market Report, jointly published by Altos Research and Real IQ, two market research firms.
Some homebuyers may be taken by surprise that prices actually rose in 15 out of 26 markets tracked monthly by the report.
The reports notes that the "downturns are largely confined to specific geographic areas of the country with four states in particularly bad shape -- California, Florida, Nevada and Arizona."
For the third consecutive month, prices have retreated in Las Vegas by over seven percent in the past three months, while Denver's prices were up 6.4 percent for the same period.
Listings rose substantially in the 10-City Composite markets, showing an increase of 1.9% in June. Inventory rose in 17 of 26 markets with the largest jumps in Los Angeles and San Diego.
Despite the rise in inventories, the average days-on-market increased only slightly from 106 to 109 in May. Eleven of 26 markets had an average days-on-market of over 100. By far, the market with the slowest rate of inventory was Miami at an average of 154 days-on-market Austin led all markets with the fastest rate of inventory turnover at an average of 72 days-on-market.
While this is only one report out of many that track the housing market, it's supported by other signs of life in housing.
We all remember how miserable the numbers were for April. Radar Logic's Residential Property Index found that prices declined overall, but rose in nine out of the 21 markets the index tracks. And, forward prices for 2010 through 2012 maturities rose, while the prices for 2008 and 2009 maturities were flat.
We'll all know more when other housing index findings are reported this week, including the Pending home sales and existing home sales indexes of the National Association of Realtors.
Meanwhile, it's okay to be optimistic.