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December 10 2024

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Reef Daily | December 10 2024

Housing Market Update

Latest Market Data (December 10, 2024)
Fannie Mae's Home Purchase Sentiment Index reached 75 in November, marking the highest level since February 2020. A record-high 45% of survey respondents anticipate mortgage rates to drop within the next year.

Mortgage Rates

Current rates as of December 10, 2024:

Type Rate
30-year fixed 6.21%
15-year fixed 5.53%
30-year VA 5.64%

Future Forecasts
Mortgage rates are expected to remain above 6.5% until early 2025, according to Fannie Mae's latest projections. The upcoming Fed meeting on December 18 and inflation data release on December 11 will be crucial factors in determining future rate movements.

Notable Transactions

Commercial Highlights
Avison Young completed the $18 million sale of Rancho Las Palmas Apartments, a 112-unit multifamily property in Tempe, Arizona. The property sold for $160,714 per unit.

Regional Activity

Northeast: Multiple residential transactions in Bethel Park area, with notable sales including:

  • 5523 Saddlebrook Drive for $665,000
  • 2568 Corteland Drive for $560,000
  • 291 Casa Drive for $400,545

Market Indicators

Inventory Trends
Current housing supply remains constrained, with markets averaging around half the typical balanced market supply of 5-6 months. The latest estimates show a shortage of approximately 2.8 million homes.

Regional Developments

West: The Rancho Las Palmas Apartments transaction in Tempe, Arizona represents significant multifamily activity in the region, featuring amenities including a clubhouse, fitness center, and swimming pool.

Sources:
Mortgage Rate Predictions for Week of Dec. 9-15, 2024 - CNET
Housing Market Predictions for the Next 4 Years: 2025 to 2028
Today's Mortgage Rates | Rates Are Down From Last Month
Mortgage and refinance rates today, December 10, 2024: Fixed rates drop
Bethel Park real estate transactions, week of Dec. 8, 2024 | TribLIVE.com
Avison Young Announces $18M Sale of 112 Unit Multifamily Property Rancho Las Palmas in North Tempe Arizona | Yield PRO
Closing Bell: Sensex flat, Nifty above 24,600; IT, realty outperform
Housing Market Sees Biggest Surge in Buyer Optimism in 3 Years

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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