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December 13 2024

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Reef Daily | December 13 2024

Housing Market Update

Latest Market Data (December 13, 2024) Existing-home sales rose 3.4% in October, reaching a seasonally adjusted annual rate of 3.96 million, marking the first year-over-year sales increase in over three years. The median existing-home sales price reached $407,200, showing a 4.0% increase from October 2023, marking the 16th consecutive month of year-over-year price gains.

Inventory Trends Total housing inventory stands at 1.37 million units, representing a 0.7% increase from September and a 19.1% rise from the previous year. This translates to a 4.2-month supply at the current sales pace.

Mortgage Rates

Current rates as of December 13, 2024:

Type Rate
30-year fixed 6.68%
15-year fixed 5.84%
30-year jumbo 6.63%

The 30-year fixed rate showed its largest one-day increase in four weeks, rising sharply to 6.68%. However, rates remain well below the historic 23-year peak of 8.01% seen last October.

Market Indicators

Price Trends CoreLogic reports that home prices nationwide increased by 3.4% year-over-year in October 2024. The forecast indicates prices will decrease by 0.03% from October to November 2024 and increase by 2.4% through October 2025.

Future Forecasts Markets showing the highest risk of price decline over the next 12 months include Provo-Orem, UT, Salt Lake City, UT, Atlanta-Sandy Springs-Rowsell, GA, Tucson, AZ, and Palm Bay-Titusville-Melbourne, FL.

Regional Developments

The top housing markets for 2025 are concentrated in the South and West, with Colorado Springs, Miami, and Virginia Beach leading the rankings. The housing inventory recovery shows stronger progress in the South and West compared to the Midwest and Northeast.

Sources:
When Will It Be a Buyers Market: Forecast for 2025-2026
Current Mortgage Rates: December 13, 2024 | Money
30-Year Mortgage Rates Show Biggest One-Day Increase in 4 Weeks - Dec. 13, 2024
The sale of 100 North Tampa is TBBJ's Deal of the Year
US Home Price Insights – December 2024 | CoreLogic®
Top housing markets of 2025 revealed in new study | LiveNOW from FOX
Part 2: Current State of the Housing Market; Overview for mid-December 2024
Best Real Estate Deals: Top Tampa Bay multifamily deals of 2024
Marcus & Millichap Facilitates the $13.5M Sale of Sterling Pointe Apartments Near Sacramento | Yield PRO

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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