Volumes will dry up in a downturn because so long as its not a bad recession with forced selling, as vendors will just sit on thier houses rather than sell into a bad market. (This may begin to happen later this year and into next if pundits are to be believed regarding downturn predictions)
The flipside with a bull market is the time to sell is very fast and some activity goes on without as much need for REA, as agents have buyers ready and waiting.
I think somewhere in between those extremes is good for REA.
But yes, generally a bull run will probably have higher volumes, and a bear run will probably mean more people updgrade listing to premium, and renew listings as things struggle to sell. Agents will need REA more than ever in a downturn, but like I said volumes will dry up.
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