Why is my Nginx package not upgraded?

Why is my Nginx package not upgraded?

I'm trying to upgrade my nginx install to 1.3+. I already added the PPA
for nginx/development and updated with apt-get update.
I ran this command to install nginx:
me@server:~$ sudo apt-get install nginx
... snip ...
Unpacking nginx (from .../nginx_1.5.0-1~ppa1~raring_all.deb) ...
Setting up nginx (1.5.0-1~ppa1~raring) ...
However:
me@server:~$ nginx -v
nginx version: nginx/1.2.6 (Ubuntu)
It looks like it installed nginx 1.5, but installed it someplace wacky. I
have no idea how to find it if it did. What am I doing wrong?