National home prices gained more than 5 percent in July, according to one statistics tracker, though optimism was tempered by signs of volatility and a seasonal market. Truckee, California-based Clear Capital, a real estate data service, said gains all over the country — including a

46 percent improvement in Cleveland home prices for the quarter — bolstered the national numbers. Even some of the latest- and worst-hit markets seemed to notch significant improvements. The Phoenix metro area marked a 1.6 percent decline in prices last quarter, the slowest rate of decline in months for a market whose values had tumbled 41.3 percent since this time last year. But analysts cautioned that the numbers didn’t prove whether the market was experiencing a bottom or just a seasonal bump in home prices. High foreclosure rates and lagging economic factors like unemployment mean the summer gains remain fragile. “While we see yet more improvements in the quarterly price trends, REO activity remains very high,” said Kevin Marshall, President of Clear Capital. “The summer season, combined with increased opportunity for investors and home buyers, helped the most severely impacted markets ease the home price slides experienced this past winter.”