Zillow December Summary

• The housing market is still competitive but less intense than during the pandemic peak. Homes are selling about 50% faster than before the pandemic, and prices are higher.
• Mortgage rates have dropped from their 23-year high in October, offering savings for home buyers. However, these rates can change quickly and significantly impact home affordability in 2024.
• More homeowners are considering selling their homes. A recent survey found that 21% of homeowners are considering selling in the next three years, up from 15% last year.
• The decision to sell seems less influenced by current mortgage rates. Homeowners with both high and low rates are equally likely to consider selling, which is a shift from six months ago when those with rates above 5% were twice as likely to consider selling.
• The typical home value in the US is currently $344,000, and the typical monthly mortgage payment is $1,790.
• Home values have increased in some areas and decreased in others. The biggest gains were in New York, Las Vegas, and Miami, while the largest drops were in Minneapolis, New Orleans, and Milwaukee.
• Fewer new listings are coming onto the market, which is typical for this time of year. However, new listings are up 2.1% compared to last year.
• Inventory levels are 36% lower than pre-pandemic levels, but there has been a slow recovery from the 45.8% deficit in May.
• Despite the market cooling down, homes are still going under contract quickly, and about 29.4% of homes sold above the list price in November.

Remember, it’s always a good idea to consult with a real estate professional or financial advisor when buying or selling a home. They can provide personalized advice based on your specific situation and the local market conditions.

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