The housing sector is showing signs of life and a full-blown recovery will come a year from now, said BlackRock CEO Larry Fink.

The Standard & Poor’s/Case-Shiller home price index showed that home prices rose 1.6 percent in July from June in 20 cities, and as inventories fall, expect home prices to continue rising.

“The fundamentals for the U.S. economy are quite strong,” Fink told CNBC.

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“We’re about a year away from a full rebound in American housing.”

The U.S. economy continues to improve and will bring home prices up with it, though it still faces headwinds, namely a fast-approaching fiscal cliff.

At the end of this year, tax cuts are scheduled to expire while automatic cuts to government spending kick in, a combination known as a fiscal cliff that could send the country sliding into a recession if left unchecked by Congress.

“The fiscal cliff is probably the biggest problem facing us,” Fink said.

“We are already seeing a slowdown in the U.S. economy. I know many CEOs who are sitting with large sums of cash.”

Other experts point out that Congress will likely steer the country away from the fiscal cliff, though compromise will likely include a deal that comes with some drag on the economy.

“Eventually, there will be an agreement. We are not going to have a fiscal cliff,” New York University economist Nouriel Roubini told Bloomberg.

The nation will “have a bump, meaning a fiscal drag of only 1 percent, as they are going to agree on some revenue increases and on some spending cuts,” Roubini added.

Editor's Note: The Final Turning Predicted for America. See Proof.