It’s not much, but for the first time since 2007, the Zillow Home Value Index climbed 0.2% on a year-to-year basis to $149,300. Fifty-three of the 167 markets surveyed showed annual increases. Phoenix saw the biggest increase with 12.1%. Zillow is expecting increases in home values in two out of five housing markets it covers in the next year, with prices increasing 1.1% across the country. “It seems clear that the country has hit a bottom in home values,” said Stan Humphries, Zillow’s chief economist. “The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own.”

Read the story.