Today’s housing market has been in some deep doldrums by many standards, but the latest real estate statistics suggest something more serious might be ahead—that the market might be careening toward some sort of rock bottom.
“Taken as a whole, this week’s data lines up with other indicators that are pointing to a potential bottom in housing market activity at a fairly low level,” notes Realtor.com® Chief Economist Danielle Hale in her most recent analysis.
The only upside we can think of is that there’s typically nowhere to go from there but up. So, does that mean the worst days of real estate will soon be over? Not quite, since the big four harbingers of housing—home prices, inventory, days on the market, and mortgage rates—show few signs of a rebound yet.
“They don’t yet offer a strong indication of how long the market will bounce along the bottom,” Hale explains.