A recent federal report places Tucson second out of 100 metropolitan areas for home value appreciation.

The Federal Housing Financing Agency released its report looking at 100 of the nation's metropolitan statistical areas (MSAs) and found that values of existing homes in the Tucson area have appreciated 10.3 percent in the last year.

Since the third quarter, Tucson's existing home values have increased 5.3 percent.

Tucson has outperformed the first quarter and fourth quarter national trends. The U.S. saw increases of 1.1 percent and 4.9 percent for the first quarter and fourth quarter, respectively.

The year-over-year increase is a good sign that Tucson's housing market is moving in the right direction after the housing crisis.

Arizona as a whole ranked third in the FHFA report, with an increase of 7.9 percent since last year. The Phoenix-Mesa-Chandler area ranked 10th with 7.4 percent growth for the fourth quarter and 2.1 percent in the first quarter.

Boise City, Idaho, topped the list of MSAs with 11.1 percent growth for the year. At the bottom of the rankings was Camden, New Jersey, with 0.7 percent year-over-year growth.

FHFA ranks the MSAs based on data collected from Fannie Mae and Freddie Mac collected across all sales prices and does not look at one specific price bracket.