Locally, I look at DOM and I also follow price drops versus new listings.  

I don't know about anything being spot on and I find most talking heads can construe data in a given manner that supports their conclusions

I follow multiple sources:

Barry Habib -MBS Highway
Jason E. Gordon 
Brian Buffini and Buffini & Company 
Dr. Lawrence Yun NAR Chief Economist

National Real Estate Post

Active Rain

Core Logic
CAR
and many more.

Definitely no "drama stuff" talking heads or self-proclaimed experts or gurus.

I stay away from fake news, disinformation, and misinformation which appears to occupy ALL forms of media. 

Real News: I watch my local MLS - local market. That tells me what is actually happening in real-time. 

I watch active, pending, and solds in my area. Been doing this for 27+ years and it keeps me on track.

I mostly follow the statistics that I find on our MLS. 

Just like the weather, lots of forecasters out there, sometimes they are right and sometimes you get rain on your picnic.

I always liked CoreLogic for U.S. stats. 

The volume of foreclosure sales is a strong indicator. In Maryland, they are sold by trustees at the entrance to the courthouses in each county. That is also where you get to meet and chat with the investors who are foreclosure purchasers. There are lessons to be learned at each sale.

My MLS and what's going on with my listings/buyers.

All real estate is local.
Therefore, indicators, I believe must also be local and will reflect the reality of the public narrative in your location.
Here is the data I personally track regarding the communities I have selected. All data is readily available from the local MLS.
The data points I find of greated interest for taking the temperature of the local market is:
a. Discount.  Actually sold price compared to original list price.
b. Number of homes in the community
c. Total of annual sales in community
d. Average sold price
e. % sold. This measure is essential for targeting the communities with the highest 'move' potential. I casually call this the 'mobility' factor.
d. Average days on market
e. Sold price per SF.
These data not only give an image of what is happening at the time of the report of include PRECURSORS to alert the agent where to focus their resources.

This is a snapshot from 2017 but the data points remain valid but the filters an agent uses to interpret the data may be different in 2022.
Of MAJOR concern is the marketing value of the 'CONVIENENT' message that is becoming indelible in the thinking of buyers and sellers.
Leveraging these resources in this moment of 'uncertainty' can be the door opener to new business.
I find no big data aggregators accurate enough to direct my efforts. However the consumer will rely on that data so AGENTS MUST be aware of what the consumer is being fed. And in so many cases, the source is real estate agents relying on 'done for you' marketing campaigns that rely on big data aggregators.

Not sure what you mean about "drama stuff" Peter Mohylsky. BRIX REALTY BUT I can tell you that my 22 year old daughter as well as others of the same age who are Active Duty Military are saying that they can not afford a home today PERIOD! Some what to buy homes in their new Base assignment and others because they are getting married and want to move off of base.

What this is telling me is that GenX has now been taken out of the market unless they already own or are in the triple digit income category with great credit.

There may not be an "across the board" crash happening but the door seems to be slaming shut on GenX at this time.

Economics is a specialty field of which I don't know much about in general however I know a little bit in regard to how it affects Real Estate. The job market is important to follow for without it, people could not perform purchase of property. The car industry is a good indicator of economic health and potential negative changes. Two to three downturns here and we have a sure-fire problem. Retail goods and services also help us understand from robust to bust live dynamics and everything in between. If one is in touch with their sphere of influence, field of vision and area of practice even their comings & goings, you can perceive and pick-up on subtle changes and forces at work. I have long dismissed media as a reliable source as it is tainted and has hidden agendas. I find the Wall Street Journal giving good feedback and input and recommend it as a go-to source to keep current. Word of mouth, the exchange of ideas all helps to contribute too. Input & feedback or Q & A such as your decent question helps open doors too. I find my fellow agents, loan people, and collateral-related sources helpful, accurate and Realtime. Being informed is easy 

No Alphabet Soup sources are reliable or spot on. What is happening in the local market matters. Oh, and All Maters Matter too!

Several top notch sources,  a local statistics company that has been keeping stats for many years, our Local MLS keeps everyone up to date on the numbers along with great commentary and myself with our daily market reports that we keep track off.

For the best advice, gravitate towards Barry Habib at MBS Highway (and stay away from 95% of the predictions made by Diana Olick @CNBC).  Not a personal attack on anyone, just look at their track records for predictions.  Here's a new visual that came out this morning (hot off the press)

Thanks Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets for the mention!

The only indicators I follow other than my MLS data is what's happening with our local infrastructure and developments.

In my opinion the bean counters have already done all the calculation I need to follow if, when and/or where the growth is heading and how fast...

YOU are operating in YOUR real estate market and know every segment from listing sales experience Peter Mohylsky. BRIX REALTY . You are the local expert, don't hire out your tea leaf reading, don't rely on a national forecast that may look nothing like what is shakin' in your local real estate market. Where you've been, where you are now from listing sales study and what you need to do as you see LOCAL cracks and temperature changes or rock steady. Keep your eyes on your own local real estate market that you eat, breathe, sleep and know like the back of your hand like reading an EKG.  

local MLS data trends

My local MLS with the real data tells the correct story.

I check activity in the MLS to see days on market, pending sales and closed escrows in the past 30-45 days to see how the activity is changing.  I pay special attention to price increases and decreases as they show whether buyers or sellers have the current advantage.  In my world the MLS is the best indicator of the real estate market.  Everything else is an opinion or prediction.

Ours is an upmarket one so I tend to read the New York Times and Wall Street Journal.  If these publications talk about a shaky market, that reflects on our market. No, prices have not gone down here, but homes aren't being snapped up as quickly at over asking as they were, for example, a month ago.  Just before that, Betty White's home here on the Monterey Peninsula was sold for around $3 million over asking, and that actually didn't surprise anyone here.

I follow various news sources in addition to our MLS and local news. I do not believe everything I read or hear but look for a consensus then go from there. National news (television, newspapers, etc) reports generalities which don't necessarily apply to any specific area. I have yet to find a source that is "spot on" with "no drama stuff", it must be a unicorn. Boots on the ground knowledge is the most reliable for accurate information in your local market.

While we all know real estate is local, certain things happen in local economies based on broader economics.

Data and "indicators" are best digested over quarters VS months (for example, that one luxury home in an otherwise low priced market sells, and all the sudden average homes prices are skyrocketing on a monthly basis).

I look at DOM, where homes are selling (list, over, under), and in the broader economy where things are in terms of recession - yield curve, jobs reports, inflation figures.  And since rates play a role and I'm a lender I of course track rates using Japanese Candlestick charts throughout each day so I have some idea of where the markets are heading.

MLS usually has a lot of the data you need, for broader economic data I go directly to the Fed: https://fred.stlouisfed.org/

Most of my sources have been mentioned. I watch what is going on nationally and listen to different views. No one really knows. There are too many things we cannot predict.

I watch what is happening in my market. I talk to mortgage lenders and others to understand how their business is going. There are more listings and fewer buyers than last year but well prepared homes are still selling in a few weeks which in reality is great! Our market us usually one of the strongest but we do fluctuate based on what is going on elsewhere. If someone can't sell their house in another state or they get less money, it usually trickles down here. We have 62.5 people moving to our county daily. I just keep my eyes and ears open and trust those who aren't alarmist. 

For me it was all in the numbers, new listings, pended, price reductions and expireds. Those are the facts. The rest is opinion just like the rest of the news. And, if they don't like it, they don't report it. 

I follow the MLS daily info and talk to people.

Always looking at better ways but I follow MLS the most.

We are quite the global macro data analysis as well as local trends and regulation. For example- If other asset classes remained strong- but the fed aggressively raised rates- NYC wouldn't be as rate sensitive as most other markets. However, with the cytpo winter, stock market decline, rising interest rates, etc all happen at once as it has- it's going to be a leading indicator. Closed sales are a lagging indicator here because the purchase process is far more drawn out here.

Just the local MLS data and analysis of trends