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December 16 2024

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Reef Daily | December 16 2024

Housing Market Update

Latest Market Data (December 16, 2024)

  • The number of homes actively for sale increased by 26.2% compared to last year, marking the 13th consecutive month of inventory growth.
  • Total unsold homes, including those under contract, rose by 22.5% year-over-year.
  • Median home price decreased by 0.7% to $416,880 compared to last year.
  • Homes spent an average of 62 days on the market, 11 days longer than last year.

Construction Activity In Southwest Michigan, the inventory of houses for sale increased significantly, with 1,950 houses available compared to 760 in November 2023.

Mortgage Rates

Current rates as of December 16, 2024:

Type Rate
30-year fixed 6.73%
15-year fixed 6.04%
5/1 ARM 6.27%

Future Forecasts Mortgage rates are not expected to decrease significantly before the end of 2024, although a gradual decline may be possible.

Notable Transactions

Commercial Highlights Seaford-based Petrakis Realty Group purchased a 2,584-square-foot retail property in Pittsburgh for $1.875 million. The property, net-leased to 7-Eleven, includes eight gas pumps.

Regional Activity In Southwest Michigan, residential home sales increased by 11% in November compared to the previous year (228 vs. 206).

Market Indicators

Inventory Trends The inventory of houses for sale in Southwest Michigan increased by 1,190 houses compared to November 2023, providing a 5.7-months supply.

Buyer Demographics No new demographic data available in the past 24 hours.

Regional Developments

Northeast New listings in the Northeast decreased by 6.0% compared to November 2023.

Midwest In Southwest Michigan, the average selling price in November 2024 increased by 20% to $408,817 compared to $341,990 in November 2023.

South The South saw a 4.6% increase in newly listed homes compared to November 2023.

West The West experienced a 6.3% increase in newly listed homes compared to November 2023, the highest among all regions.

Sources:
November 2024 Housing Market Trends Report—Realtor.com Research
SW Michigan Residential Real Estate Market Continues Positive Growth Pattern
Why Are Homebuilders Down on the Market While Investors Are Gaining Confidence?
Rates decline | Current mortgage rates, December 16, 2024
LI investment firm acquires Pittsburgh retail property | Long Island Business News
D.C. real estate trends to be aware of in 2025
National House Prices Stabilize After Nine-Month Slowdown, According to First American Data & Analytics Monthly Home Price Index Report | Business Wire
China's November retail sales miss expectations, real estate slump deepens
Current Mortgage Rates: December 13, 2024 | Money
Mortgage and refinance rates today, December 16, 2024: Better time to buy than refinance

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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