Home prices in Arizona are continuing to go up but at a much slower pace than last year according to the latest numbers released Wednesday by the housing data supplier RealtyTrac. 

Vice President Daren Blomquist said last month’s increase of 6 percent, over October of 2013, was the seventh straight month of single-digit price hikes, something he says is a good thing. The only obstacle to the housing market, according to Blomquist, is the 18 percent of homeowners who are still underwater.

"So those homeowners who are still underwater, unfortunately it’s probably gonna take anywhere from 2 to 5 years at the current pace of 5 to 6 percent appreciation a year  for them to regain their equity," Blomquist said.

Blomquist says the Valley housing market is letting off steam rather than building toward a new housing bubble.

He said even though October was the 34th month in a row of price increases in Phoenix, home prices are still not back to where they were before the real estate crash.