U.S. property values continued to recover through January, making it the 11th consecutive month of rising prices, according to the latest FNC residential price index.

Limited housing inventory and a drop in distressed sales both played a role in the recovery of underlying property values, FNC said.

The FNC 100-MSA composite index revealed that January home prices increased 0.3% from the previous month, and were up 5.7% from a year earlier.

The 30-MSA and 10-MSA composite indices reported similar trends of rising prices, with the 10-city composite index jumping 0.8% month-over-month and 7.2% year-over-year.

While home prices have risen significantly over the past year, a six-year price comparison reveals that current prices are still well below their near-peak levels.

Home prices today are 27.5% below peak levels set in January 2007.

In the hardest hit metros like Las Vegas, Orlando, Miami and Riverside, Calif., home prices have only regained half of the value they maintained six years ago.