In 2023 we saw more of what began in 2022, with almost every indicator — sale prices, total sales, average DOM — showing a continued trend toward a buyers’ market, though in less of an extreme fashion than we saw during the second half of 2022. In fact, sales increased year-over-year during the last quarter of 2023 while inventory dipped slightly. The most significant development of 2023 was the steep increase in buyers either paying cash or using large down payments for their homes in an attempt to mitigate the impacts of raised interest rates. What does this mean? Are would-be 20% down payment Hillsborough buyers instead putting down 50% (or all-cash) in Burlingame? Are Burlingame buyers lowering their ceilings in order to minimize their mortgages? This is something to pay attention to as long as rates stay where they are to gauge the impact of this trend on the overall market.