With mortgage rates dropping to their lowest levels in almost a year, house hunters are returning to a market that many had shied away from in 2023.

CoreLogic expects prices to continue to grow through the year.

The pace of sales, however, continued to slow on a yearly as well as a monthly basis. 

Falling mortgage rates and more inventory could mean an improvement in housing affordability in the new year.

How will our homes evolve in the new year?

The pace of home sales, however, fell, Georgia MLS reported. 

At the same time, days on market remained flat, at 43.

RentCafe analyzed apartment sizes in ZIP codes across the country to determine which areas give the typical renter the most bang for their buck.

The only region of the U.S. that didn’t experience an annual decline in existing home sales was the Midwest, where sales were unchanged year over year.

Detached single-family homes remained the most popular type of housing, making up 79% of all home purchases during the past year.

Last month, homebuyer demand showed its resilience, despite mortgage rates being at a 23-year high and inventory continuing to be limited.

At the same time, the pace of sales continued to slow.

A record number of home sellers are dropping their prices as buyers continue to feel the impact high mortgage rates are having on their wallets.

Home sales, housing inventory and sales all fell, while days on market ticked higher.

The median price of a new home sold during the month fell to $418,800 from $433,100 in August, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. 

At the same time, home sales dropped 20.3% to 4,371 transactions.