Are we there yet? Meaning have we hit bottom yet?
Let me find that crystal ball I never bought. Maybe! Would you like to really know? We need a Time Machine to know for sure. Maybe we are asking an incorrect question. There is no pat answer for everywhere. Some parts of the country have prices representing some year in the 1990's and others in the 2000's. We live in Arizona in a city named Sierra Vista. This is next to Fort Huachuca and near Tombstone. An out-of-town buyer wanted to buy a regular home for a certain price in my neck of the woods (desert). He informed me that he could buy the same house for half the price in the Phoenix area. Even one state has many LOCATIONS, which is a big real estate mantra.
Back to the original question we need to change: Should my family buy a house now? The real answer is why not? If you are planning on staying there awhile it seems like a good idea. Rents have declined too; but rents have always increased over time. MORTGAGE RATES ARE AT AN ALL TIME LOW IN MY LIFE TIME. Who's money is it anyway? The benefits of home ownership are there if you want them. It's still your decision.
Sunny in Sierra Vista AZ