“It could be [a bottom]. It’s a real possibility. I just don’t know,” Shiller said in the article.

Shiller believes the “feedback loop,” where the mass word-of-mouth testimonies of better prices contributes to opportunistic demand and even higher prices, has not taken hold just yet. He also points to negative factors that still weigh on the market, including a large overhang of homes and an unemployment rate above 8%.

Nevertheless, ETF investors interested in following the housing market may look at funds that track homebuilders:

  • SPDR S&P Homebuilders ETF (NYSEArca: XHB)
  • iShares Dow Jones US Home Construction Index Fund (NYSEArca: ITB)
  • PowerShares Dynamic Building & Construction Portfolio (NYSEArca: PKB)

Additionally, investors may also gain exposure to real estate investment trusts through REITs ETFs, including:

  • Vanguard REIT ETF (NYSEArca: VNQ)
  • iShares Dow Jones US Real Estate Index Fund (NYSEArca: IYR)
  • iShares Cohen & Steer Realty Majors Index Fund (NYSEArca: ICF)
  • SPDR Dow Jones REIT ETF (NYSEArca: RWR)

For more information on the housing market, visit our homebuilders category.

Max Chen contributed to this article.