From the late 1970’s to the mid 1990’s, home prices moved within a fairly narrow range. Then, they spiked up dangerously. Today, as indicated by this graph, home prices have returned to the bottom of that range.
With interest rates starting to tick up, that should send potential home buyers back into the market, making this the bottom of the market. I know there are far too many months of supply on the market now, but the number of months of supply will drop quickly once demand increases even a small amount.
We have survived a stock market crash and a real estate crash simultaneously. The stock market is recovering nicely. Now, it is time for the real estate market to recover as well.
Now, if only the labor market would improve . . . at a faster pace . . .