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Zillow released on Tuesday its Real Estate Market Reports for July, revealing that the company’s Home Value Index hit $151,600 for the month, a 0.5 percent gain from June and a 1.2 percent increase year-over-year.

Of the metro areas covered in the reports, 62 percent saw home values climb during July, with only 49 of the 167 areas posting declines. Of the 30 largest areas covered, the Phoenix metro experienced the largest monthly increase (2.2 percent), followed by San Francisco (1.2 percent) and Denver (1.0 percent).

While rising home values may be taken as a sign of a healing market, Zillow chief economist Dr. Stan Humphries said these increases should simmer down in the coming months.

“This summer, the housing market continued to heal, as home values experienced their eighth consecutive month of increases,” Humphries said. “Tight inventory levels are leading to bidding wars and multiple offers across the country…

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