We need Positive Price Action to confirm market bottom. One month of price improve isn't sufficient to confirm the market bottom. We need to see appreciation month over month for three months.
Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.
On a year over year, YTD comparison currently (4.90) % of new listings are being sold.
Currently we are not seeing the needed positive price action (along with other indictors) to confirm a market bottom. This is NOT a good time for conservative buyers to purchase. High risk tolerant investors and speculators are doing some bottom fishing.
For more details or just to chat about market conditions please feel free to contact me.
Data considered accurate... However is NOT Guaranteed. Contact your Local Realtor for the most up-to-date data.