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December 05 2024

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Reef Daily | December 05 2024

Housing Market Update

Latest Market Data (December 5, 2024)
Homebuying demand is showing strong year-end momentum with Redfin's Homebuyer Demand Index up 7% year-over-year and near its highest level since September 2023. Pending home sales have increased 6.5% compared to last year, while new listings are up 3% year-over-year.

The median home sale price stands at $383,460, representing a 6.1% increase from last year. Active listings have grown 11.1%, though this marks the smallest increase since March.

Mortgage Rates

Current rates as of December 5, 2024:

Type Rate
30-year fixed 6.79%
15-year fixed 6.09%
30-year jumbo 6.84%

Rates have decreased significantly across all loan types, with the 30-year fixed rate dropping 0.13 percentage points from last week.

Notable Transactions

Commercial Highlights In Jacksonville, BMG 103rd Street LLC acquired a 20,155-square-foot commercial property on 5.05 acres at 9985 103rd St.

CityGate Partners LLC purchased an 18.3-acre planned development site in St. Augustine.

RRM Consulting Inc. sold a property at 2800 Corporate Drive to Batt Properties LLC for $1,200,000 in Franklin Park.

Regional Activity

Northeast:

  • Multiple residential property acquisitions in Jacksonville, including 21 residential properties by CIK 22 Delaware LLC
  • 12 townhomes purchased by MCP River City LP in River City Station

Market Indicators

Inventory Trends The months of supply currently stands at 4.3 months, up 0.2 points from last year, indicating a move toward more balanced market conditions.

Buyer Demographics The median monthly mortgage payment has reached $2,556 at a 6.81% rate, showing a 3.3% increase and marking the lowest level in two months.

Regional Developments

West San Jose and San Francisco show strong pending sales growth of 20.1% and 15.5% respectively.

South Jacksonville and Tampa demonstrate robust pending sales increases of 13.7% and 13.6% respectively.

Northeast Newark and Montgomery County, PA report significant median sale price increases of 13% and 11.1%.

Sources:
More Buyers Are Touring Houses, Applying For Mortgages As We Enter 2024’s Home Stretch
Rates decrease | Mortgage rates for today, December 5, 2024
Microsoft Completes Saudi Datacenter Construction, Accelerating Vision 2030 Goals - TechAfrica News
Top commercial sales of the week - Jacksonville
Sewickley area real estate transactions, week of Dec. 5, 2024 | TribLIVE.com
Stock market's record run sets stage for December gains, pros say
Share Market Highlights 5 December 2024: Sensex, Nifty surge 1% as IT stocks rally on positive US economic outlook

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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