• The widely watched S&P/Case-Shiller index of home prices in metropolitan areas of the U.S. showed a gain in May from April's numbers. It was down from a  year ago, but by the smallest year-over-year decline in 18 months.
• Average home prices in May were 2.2% higher than April's for both of the Case-Shiller measurements – its 10- and 20-City Composites.
• Professionals were not popping champagne corks, however. David Blitzer, who is head of indices at S&P said, "We need to remember that spring and early summer are seasonally strong buying months, so this trend must continue throughout the summer and into the fall."

From the release:

Data through May 2012, released today by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, showed that average home prices increased by 2.2 percent in May over April for both the 10- and 20-City composites. ...