U.S. home prices inched upward 0.6% on a seasonally adjusted basis from December to January, according to the Federal Housing Finance Agency.
From Jan. 2012 to Jan. 2013, home prices also rose 6.5%.
However, the index is well below pre-crisis peak levels, down 14.4% and roughly the same as the September 2004 index level.
Nonetheless, it is important to note that home prices have not declined on a monthly basis since Jan. 2012.
"Home prices are gradually improving although still below pre-recession peak levels. Still, this trend should be boosting consumer confidence," said analysts for Econoday.
Regionally, the January home price gain was led by the Pacific, increasing 1.6%. The weakest region was New England, down 0.7% for the month.
The FHFA’s home price index is calculated using monthly home sales price information released by Fannie Mae and Freddie Mac.