The August 2012 Case Shiller report has more good news, though not for the New York City metro area. The national seasonally adjusted 20 city index rose .5% over July and 2.0% over August 2011. That’s five months of consecutive improvement. However the New York metro area was a 0% gain over July on the seasonally adjusted index. The non adjusted index, which we use for our chart, showed a 0.7% gain. Year over year, NY was down -2.3% on the seasonally adjusted index. Still the overall trend seems to be upward.