December 04 2024
Reef Daily
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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