I hope this reply finds you doing well!
Your question is being contemplated by many experts, sellers, buyers, and of course, real estate agents, and the likely reason is that if the real estate market began the recession, then it should begin the recovery.
Having said that, each one of the replies here has touched on key aspects of the real estate market, but perhaps the most insightful is the reply from Ron Thomas in Fresno. I agree strongly that attempting to time the market is nearly impossible. Yes, inventory is low and demand high, but our team has also experienced a slow down since the back to school madness began 2 weeks ago.
Sellers are attempting to ask slightly higher prices, but be aware, we are also seeing properties go into escrow slightly higher only to have lower than selling price appraisals. I have already had 2 in the last 4 months. One I was representing the sellers, and appraisal came in $65,000 below asking on a $625,000 sale, and one where it came in $93,000 below asking on a $350,000 sale.
Like Ron has said, "To do a good analysis, you need either a large sample or a long period of time."
Let us know when we can assist, and good luck!