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After five long years of a housing recession, U.S. home values have reached a bottom, according to Zillow’s second quarter Real Estate Market Reports, which were released today.

U.S. home values logged their first annual increase since 2007, rising 0.2 percent over the past year. Nearly one-third of metros covered by the Zillow reports showed annual increases in home values.

There appears to be good news on the horizon as well. The Zillow Home Value Forecast shows values will increase in two-fifths of markets over the coming year, with the biggest increases in the Phoenix and Miami markets, where home values are predicted to rise 9.9 percent and 6.1 percent, respectively.

“After four months with rising home values and increasingly positive forecast data, it seems clear that the country has hit a bottom in home values,” said Zillow Chief Economist Dr. Stan Humphries. “The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own.”

For more information, you can see the full press release here. More information is also available at Zillow Research.

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