Home Prices See First Sustained Recovery in Five Years

The picture gets rosier for housing as home prices continue their climb back to the top.

One recent price index puts the July increase for prices at 0.9 percent, with prices achieving their first sustained recovery on a year-over-year basis since the market went bust in 2007.

[IMAGE]

According to ""FNC"":http://www.fncrpi.com/, which recently released the Residential Price Index, property values also went up in July, securing gains for the fifth straight month.

[COLUMN_BREAK]

Home prices also ticked up more than 4.6 percent since January this year, the firm said.

Figures for indices covering prices across the country and 40 metro areas revealed a sustained pickup, with home prices gaining cumulatively by 3 percent over the last three months.

The firm found two much larger indices reporting 12-month highs, with positive growth marking a first in five years. Prices rose in several cities, including San Francisco (4.4 percent), Detroit (3.6 percent), Boston (3.4 percent), San Diego (2.2 percent), and Riverside (2 percent).

Chicago showed signs that it may be suffering from a seasonal setback, according to FNC, with prices down 0.9 percent in the Windy City.

Roughly half of the markets showed signs of growth, helped along by Phoenix (10.1 percent), Detroit (7.2 percent), Houston (5.8 percent), Miami (4.3 percent), and Dallas (4 percent).

Some of the same cities also saw prices appreciate. Those included Detroit (10.1 percent), San Francisco (9.1 percent), Dallas (8.7 percent), Boston (8.1 percent), and Washington, D.C. (7.7 percent), FNC said.