Transaction volume has been running near multi-decade lows, and whether we're past the bottom hinges mostly on rates. As long as rates keep improving, volume is likely past the worst of it, because rate relief brings sidelined buyers and sellers back. If rates rise again, activity can stall right back toward those lows. Rate-dependent, in both directions. For scale, existing-home sales have been running in the low four millions annually, versus the five-million-plus that used to feel normal. A realistic recovery looks like drifting up into the four to four-and-a-half-million range over a year or two rather than a snap back to old norms. And we'd take industry forecasts with some salt, since the major trade-group projections have repeatedly called for a rebound that kept not arriving. Nobody can promise volumes or rates, so we won't put a number on it. Watch rates feeding through to pending contracts and mortgage applications. Those turn first, and they'll tell you whether the recovery in volume is real or stalling.