This is the passage telling about the Valley of Dry Bones. It is about the restoration of Israel after the exile. Israel was dead and dismembered, conquered, taken to exile. Yet God promised to do an amazing thing - to resurrect the nation. Like dry bones forming flesh and coming back to life, that was what Israel was going to experience.
From verse 1 till verse 23, it looks as if the prophecy has almost 100% come true -- and Israel would not return to idolatry as a nation -- even to the point of extremism in this respect.
But verse 24 onward seem to not have come true. They were never ruled by David's line again -- except in the sense that Zerubbabel ben Shealtiel was made governor by the Persians, but that was just for a short while, not "forever".
So actually, this was not fulfilled in its entirety until and unless you consider Galatians 6:12-16. "Israel" is no longer the circumcision of the flesh, but rather, the circumcision of the heart. And the Son of David rules over this "Israel of God" forever.