Home prices rose 5 percent in July over the previous quarter, the first U.S. home price gains in more than three years, but they were 14.7 percent below a year ago, according to new study by Clear Capital, a real estate valuation company.
All four regions posted quarterly gains at the end of July: 11.2 percent in the Midwest, 5.3 percent in the South, 2.4 percent in the Northeast and 1.1 percent in the West. However, regional home prices were below the levels recorded a year ago: 21.1 percent in the West, 15.7 percent in the Midwest, 12.4 percent in the Northeast and 12.1 percent in the South.
Cleveland was the highest performing market with a quarterly gain of 46 percent and a year-over-year gain of 28.3 percent. Las Vegas was the lowest performing major market with home prices 9.1 percent below the previous quarter and 40.2 percent below the level recorded a year ago.