Home prices jumped nearly 11% in April , and are now up more than 22% from the bottom three years ago.
Still, they are 18% below the peak set in July 2006, according to S&P/Case-Shiller. And price gains are slowing.
"Although home prices rose in April, the annual gains weakened," says David Blitzer of S&P Dow Jones Indices. "Last year some Sunbelt cities were seeing year-over-year numbers close to 30%, now all are below 20%."
Low mortgage rates, which the Federal Reserve is expected to keep reined in through mid-2015, and gains in the job market should continue to help the housing market, according to Blitzer.
But don't get too comfortable.
Home sales are being supported by all-cash buys and low supply, said Blitzer. And he says qualifying for a mortgage is still a problem.
"First time home buyers are not back in force," he said.