The U.S. housing market has hit bottom and is turning the corner, according to a new report by Seattle online real estate company Zillow Inc.
According to Zillow NASDAQ: Z, its Home Value Index rose on an annual basis for the first time in five years, increasing 0.2 percent year-over-year to $149,300.
“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 Stan Humphries, Zillow chief economist, in a statement.
Seattle was one of the 114 U.S. markets out of 167 that didnt see an annual increase in home values: Seattles Home Value Index fell 0.3 percent year-over-year to $255,400. But it increased quarter-to-quarter by 2.3 percent, bettering the U.S. average of 2.1 percent.