According to the National Association of Home Builders, buyers could be gearing up for a return to the market.

In a survey for Century 21 Real Estate last month among prospective first-time home buyers who indicated they were likely to purchase a home in the next two years, a majority – 78 percent – said that now is a good time to buy a home. Of those responding to the online poll, 68 percent said that now is a better time to buy than six months ago.

And its not just good news there. The new home market is seeing promising numbers as well. Single-family permits were up 11 percent in February.

"With affordability up dramatically, reports from our builders in the field indicate that foot traffic in new homes is on the rise and consumer interest is increasing with each passing day. These are encouraging signs that the housing market may be finally reaching a bottom," said NAHB Chairman Joe Robson.