Here’s a breakdown of the key points from the article:

– Home buyers are finding relief as mortgage rates have fallen from their high levels in October.
– The rate lock is wearing off for some homeowners, indicating that they are ready to come back to the market.
– A recent survey shows that 21% of homeowners are considering selling their homes in the next three years, up from 15% a year ago.
– Home values have seen a mix of increases and decreases in different metro areas, with the typical home price in the US being $344,000.
– New listings are down compared to the previous month but are up compared to the previous year, showing improvement from the low levels in April.
– Inventory levels are still lower than pre-pandemic levels, which contributes to competition in the market.
– Homes are still selling faster than pre-pandemic norms, but the share of homes selling above list price has decreased.
– Rental prices have remained relatively stable, with annual growth staying at 3.3%.

And now for my hot take on the situation: Despite some positive signs for buyers, the real estate market remains competitive with low inventory and rising costs. It’s good news that mortgage rates have fallen, giving buyers some relief. However, homeowners considering selling their homes might help alleviate the pressure. Overall, the market continues to be dynamic and ever-changing.

Read full article at https://www.zillow.com/research/december-2023-market-report-33594/