August 13, 2009 Elad Bushari

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.

Elad Bushari

Elad Bushari is the Broker / Owner of Bushari Group Real Estate and a National "30 Under 30" Honoree by REALTOR Magazine in 2009.

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