However, in connected speech, the unstressed form would sound very simialr to 'are'. Both pronunciations are used- the "hour" pronunciation would be used to stress the word, and the "are" pronunciation when it's less important. ;-)
Bear in mind that "are" usually has two pronunciations, a strong one and a weak one (i.e. when it is not stressed and does not receive particular emphasis). "Our" is sometimes pronounced as the stressed version of "are" (/A:/ or /A:r/) but not as the weak version (/@/ or /@'/). The more careful pronunciation remains like "hour" (/aU@/ or /aU@'/).