As a recent report from LightBox notes, there's been some relief from a negative ending to 2022, with property listing volumes down by half year over year in Q4, due to a developed bid-ask gap, higher financing costs, and inflation leading to increasing interest rate hikes from the Federal Reserve.

"Fast forward to midway through the first quarter of 2023. Inflation has slowed from its peak of 9.1% last summer, but is also showing its staying power, rising 0.5% from December to January to reach 6.4%," the report said. "Consumer confidence remains positive, gas prices have dropped significantly and there are signs of improvement in the supply chain. The Fed's February announcement of a 25 basis point (bps) interest rate increase helped ease some concerns and gave the market confidence that the aggressive 75 bps hikes of 2022 may be in the rearview mirror. While the economic pain is not over, this was a positive step toward normalcy."

That said, some "key takeaways" from 2023 so far — which isn't yet a quarter old — suggests against over confidence. One was that "uncertainty remains pervasive," which continues a developing trend and concern that GlobeSt.com reported on in the fall. Investors want more confidence in how inflation and interest rates will move as well as pricing levels, which require more activity for adequate price discovery.