"We've seen historic competition in housing over the last two years. As the market begins to rebalance, homebuyers and sellers remain focused on the goal of homeownership despite the ongoing fluctuations," said Nick Bailey, President and CEO of RE/MAX, LLC.

“Today’s homeowners are in a much better position to weather the current housing slowdown and a potential recession than they were 12 years ago,” said Selma Hepp, Interim Lead of the Office of the Chief Economist at CoreLogic.

According to Realtor.com, there are still relative housing bargains to be had if you look in the right place. This new report highlights some of the areas slated to see the strongest growth in the coming year.

Mortgage rates will be key in 2023 according to Redfin, which predicts that relatively high rates will likely result in the slowest housing-market year since 2011.

“Following the recent mortgage rate surge above 7%, real estate activity and consumer sentiment regarding the housing market took a nosedive,” said Selma Hepp, Interim Lead of the Office of the Chief Economist at CoreLogic.

“There have been a handful of pieces of relatively good news for the housing market lately, but we’re far from out of the woods,” said Taylor Marr, Redfin’s Deputy Chief Economist.

Redfin is reporting that a record number of sellers are taking their properties off the market. Click through to find out how many sellers are taking this route.

"Affordability is going to be the biggest factor in housing for 2023, but there's room for optimism on that front if mortgage rates recede," said Zillow Chief Economist Skylar Olsen.

“House prices were flat for the third quarter but continued to remain above levels from a year ago,” said William Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics.

“It is the sacred duty of community leaders, policy makers, and financial industry specialists to lift communities so that all children can thrive and grow up with opportunities for good health, wealth, and happiness in their lives,” said NAREB President Lydia Pope.