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December 04 2024

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Reef Daily | December 04 2024

Housing Market Update

Latest Market Data (December 4, 2024)
Pending home sales increased 2.0% in October 2024, with all four U.S. regions showing month-over-month gains in transactions. The Northeast led the increase, and year-over-year contract signings rose across all regions, with the West showing the highest growth.

Mortgage Rates

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

Rates have declined significantly across all loan types compared to last week:

  • 30-year fixed rates dropped 16 basis points
  • 15-year fixed rates decreased 11 basis points
  • 30-year jumbo rates fell 13 basis points

Future Forecasts
Lawrence Yun, NAR Chief Economist, indicates that lower mortgage rates coupled with increasing inventory could provide a favorable environment for increased sales activity in the coming months.

Notable Transactions

Commercial Highlights
A significant hydrogen liquefaction plant transaction occurred in North Vancouver, with HTEC purchasing 100 Forester Street for $145 million. The deal includes a leaseback agreement with ERCO Worldwide for their manufacturing operations.

Market Indicators

Inventory Trends
The total housing inventory at the end of October showed a modest increase of 0.7% from the previous month. Current inventory levels represent a 4.3-month supply, which remains below the 5-6 months typically needed for a balanced market.

Regional Developments

West
Vancouver's commercial real estate market has shown significant momentum, with the multi-family sector recording a 68% year-over-year increase in transaction volume and the retail sector showing a 91% year-over-year increase.

Sources:
Housing Market Forecast for the Next 2 Years: 2024-2026
Housing Market 2024 Predictions | Bankrate
Rates go down | Today's mortgage rates for December 4, 2024
Vancouver commercial real estate market update - Q2 2024
Pending Home Sales
Global FX Market Summary: USD Strength And Risk Aversion, Eurozone Economic Indicators, Gold 4 December 2024 - FinanceFeeds
Housing Market Trends December 2024 | Residential Snapshot
Mortgage Rates Plunge to Lowest Level in Months. Today's Mortgage Rates, Dec. 4, 2024 - CNET Money

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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