I have been licensed since 1983. I have sold Real Estate in many down markets and many hot markets. History has proven that the market and prices usually rebound.. We just don't know how long this market will be lingering at the status it is now. The real estate market is based on so many variables,I don't think anyone can predict if and when the market will increase.
This is definitely a market of great opportunity for buyers. Rates are very low & there is a abundance of a supply.
Next year is an Election Year.
Look for other signs;
People will look for things to be optimistic about.
Good luck and may God bless
That's the $64,000 question! Real estate market is cyclical. Prices may come down further in the short run, but will eventually go up. US population is growing, and demand for housing in urban areas, such as NYC will continue to drive up demand.