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December 03 2024

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Reef Daily | December 03 2024

Housing Market Update

Latest Market Data (December 3, 2024)
The pace of home sales has remained slower throughout 2024, though pending sales showed strength this fall. Through October, there have been 3.42 million existing home sales on a seasonally unadjusted basis.

Construction Activity
The construction labor market continues to ease, with open construction sector jobs decreasing to 249,000 in October from 258,000 in September. The construction job openings rate fell to 2.9%, while the layoff rate dropped to a record low of 1.2%.

Mortgage Rates

Current rates as of December 3, 2024:

Type Rate
30-year fixed 6.91%
15-year fixed 6.19%
5/1 ARM 6.52%

Rates have decreased across all loan types compared to last week, with the 30-year fixed rate dropping 12 basis points.

Notable Transactions

Commercial Highlights
In Jacksonville, Carter-Haston acquired Avere Southside Quarter apartments for $78.15 million, marking the largest multifamily transaction of the year. The property consists of six four-story buildings and was over 90% leased at the time of sale.

Regional Activity

Northeast:

  • Churchill, PA: Multiple residential properties sold between $145,000-$340,000
  • Forest Hills, PA: Several transactions ranging from $95,212 to $315,000

Market Indicators

Inventory Trends
The construction sector is showing signs of easing labor constraints, with job openings trending lower than the previous year's 413,000 openings.

Regional Developments

South: Jacksonville's multifamily market has experienced significant activity despite cooling rental conditions, with rent falling 11.3% year-over-year.

Sources:
Housing Market Decoded: Can 2024 sales top 2023? Clock's ticking
Rates decrease | Today's mortgage rates, December 3, 2024
Construction Labor Market Continues to Ease
East suburban real estate transactions, week of Dec. 1, 2024 | TribLIVE.com
Multifamily sector sees major property deals despite challenges in Jacksonville's rental market
Share Market Highlights: Sensex, Nifty extend gains for third session, buoyed by blue-chip rally
Bay Area Housing Market: Prices, Trends, Forecast 2024-2025

Sources

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

© 2024 Reef Insights. All rights reserved.

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