Wave background
Back to Reef Daily

November 27 2024

Reef Daily

Marble background

Reef Daily | November 27 2024

Housing Market Update

Latest Market Data (November 27, 2024)
Pending home sales increased 2% in October, marking the third consecutive month of growth. All four major U.S. regions saw gains, with the Northeast leading at 4.7% monthly increase.

Homebuyer mortgage applications surged 12% from the previous week, with the average purchase loan size reaching $439,200.

Consumer sentiment has reached a concerning low, with 82% of Americans believing it's a poor time to buy a house, representing the highest level of homebuyer pessimism ever recorded.

Mortgage Rates

Current rates as of November 27, 2024:

Type Rate
30-year fixed 6.96%
15-year fixed 6.24%
5/1 ARM 6.57%

Rates have shown mixed movement, with the 30-year fixed rate increasing 4bps while the 15-year fixed decreased 1bps from last week.

Notable Transactions

Commercial Highlights

Foundation Building Materials secured a significant lease of 32,324 square feet of industrial space in Boise.

Regional Activity

Northeast: Led pending home sales growth with a 4.7% monthly increase to 68.7
Midwest: Pending sales grew 4% to 77.8
South: Showed 0.9% growth to 90.0
West: Modest 0.2% increase to 64.1

Market Indicators

Inventory Trends
Total mortgage demand increased 6.3% compared to the previous week, driven by improved inventory conditions and strong economic indicators.

Buyer Demographics
Purchase applications are now 52% higher than the same week last year, indicating increased buyer activity despite higher rates.

Sources:
Mortgages settle under 7% ahead of holiday - Current mortgage rates for November 2, 2024
Housing Market Alarm as Homebuyers 'Most Pessimistic' They Have Ever Been - Newsweek
Mortgage and refinance rates for Nov. 27, 2024: Average 30-year rates trend higher ahead of holiday, while 15-year terms steady
Control the Controllables If You’re Worried About Mortgage Rates
Commercial Real Estate Roundup for Sept. 27, 2024
Pending Home Sales Up 2% in October; All 4 U.S. Regions Record Gains — RISMedia
Homebuyer demand for mortgages jumps 12% after first interest rate drop in over 2 months

Sources

This newsletter is for informational purposes only and should not be considered as financial advice.

© 2024 Reef Insights. All rights reserved.

Wave full background

Get Daily Updates

Subscribe to Reef Daily and never miss our market insights.

Daily Market Updates

Curated insights delivered every morning

Free newsletter subscription