December 17 2024
Reef Daily
Reef Daily | December 17 2024
Housing Market Update
Latest Market Data (December 17, 2024) Builder confidence remained steady at 46 in December, with future sales expectations rising to 66, the highest level since April 2022. About 31% of builders reported cutting home prices, with an average reduction of 5%.
Construction Activity Regional builder confidence showed mixed results across the country:
- Northeast: increased 2 points to 57
- Midwest: increased 2 points to 46
- South: increased 2 points to 44
- West: decreased 1 point to 40
Mortgage Rates
Current rates as of December 17, 2024:
Type | Rate |
---|---|
30-year fixed | 6.79% |
15-year fixed | 6.11% |
5/1 ARM | 6.43% |
Notable Transactions
Commercial Highlights Northlake Square, an ALDI-anchored retail center in Tucker, Georgia, sold for $17.3 million. The 82,578-square-foot retail center is 98% occupied with tenants including Best Buy and Mellow Mushroom.
Regional Activity West Feliciana Parish, Louisiana secured a major AI data center project worth $12.5 billion. Hut 8 will invest $2.5 billion in facility development, with tenants investing an additional $10 billion in equipment. The project includes two 450,000-square-foot facilities to be completed by the end of 2025.
Market Indicators
Inventory Trends New listings are now trailing pre-pandemic norms by 14%, an improvement from the 25% deficit in March. Total for-sale inventory remains 26% below 2018-2019 averages, marking the smallest shortfall since September 2020.
Buyer Demographics The share of homes selling above list price has dropped below 28%, continuing a downward trend since July. Market competition has cooled across the country, with 36 of the 50 largest metro areas experiencing less competitive conditions.
Regional Developments
South West Feliciana Parish's new AI data center project is expected to create hundreds of direct jobs and support up to 2,000 construction positions during peak construction. The project benefits from existing infrastructure and power availability from the nearby River Bend Nuclear Generating Station.
Sources:
Mortgage Refinance Rates Today: December 17, 2024 Update
2025 Housing Forecast Reveals Surprising Trends in Home Prices and Mortgage Rates - MyChesCo
Calculated Risk: NAHB: Builder Confidence Unchanged in December
West Feliciana Parish lands $12 billion AI data center
Rates remain elevated | Current mortgage rates for December 17, 2024
Current Mortgage Rates: December 16, 2024 | Money
ALDI-anchored retail center trades for $17.3M in Tucker, Georgia
NAHB Housing Market Index Remains Unchanged At 46; SP500 Tests Session Lows | FXEmpire
The 2025 housing market for first-time homebuyers
Sources
This newsletter is for informational purposes only and should not be considered as financial advice.
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