【Zillow】Housing Market Showed Signs of Life in January, as Buyers Began to Compete Over Still-Scarce Listings (January 2023 Market Report)

• The typical U.S. home value fell slightly from December to January (-0.1%). U.S. home values are still 6.2% higher than a year ago.
• Home values were lower than last January in seven major markets, with San Francisco experiencing the biggest drop (-4.9%).
• Newly pending listings were similar to 2020 levels, or down 20% year-over-year–a much smaller drop than the annual drops of more than 30% in each of the previous 3 months.
• Median time on market, 31 days, was slower than the last two years but faster than pre-pandemic norms to start the year.
• There were 17% fewer new listings than last January, and 30% fewer than in January 2021.
• Inventory remains very low to start the year, at its 2nd lowest January level on record.
• Asking rents fell less than 0.1% month-over-month (-$1), halting a three-month streak of measurably falling rents. The typical U.S. rent is now $1,970.

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