Does the Case-Shiller Housing Index Show Housing Bottomed?

The Case-Shiller Housing Index says house prices rose in July:

The 10-City Composite is up 4.1% and the 20-City Composite is up 3.2% from where they were in July 2009. For June they were reported as +5.0% and +4.2%, respectively. Although home prices increased in most markets in July versus June, 15 MSAs and both Composites saw these monthly rates moderate in July.

So have we reached the elusive bottom in the housing market? It’s still too early to tell since more real-time data suggests demand in the housing market has slowed more in recent weeks.

For now, we can stare at the charts and hope the end of the high season for housing sales doesn’t end with a whimper …