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December 18 2024

Reef Daily

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Reef Daily | December 18 2024

Housing Market Update

Latest Market Data (December 18, 2024) Builder confidence held steady at 46 in December, with future sales expectations reaching a nearly three-year high. The measure for current sales conditions remained at 48, while buyer traffic slightly decreased to 31.

Regional HMI trends showed positive movement:

  • Northeast: up 2 points to 57
  • Midwest: up 2 points to 46
  • South: up 2 points to 44
  • West: down 1 point to 40

Construction Activity 31% of builders reduced home prices in December, maintaining November levels, with an average price cut of 5%. Additionally, 60% of builders continued to use sales incentives.

Mortgage Rates

Current rates as of December 18, 2024:

Type Today’s Rate Last Week’s Rate
30-year fixed 6.80% 6.73%
15-year fixed 6.13% 6.07%
5/1 ARM 6.30% 6.25%

Notable Transactions

Commercial Highlights Lennar and D.R. Horton are expanding their presence in San Antonio, with 20 new subdivisions planned to deliver approximately 1,300 new homes. VersaTerra is developing a major South Side project that will include 1,000 homes.

Regional Activity San Antonio developments include:

  • Chavaneaux Subdivision Unit 4: 56 residential lots
  • Rose Valley Phase 4: 76 residential lots
  • Lone Oak Subdivision Unit 1: 111 residential lots

Market Indicators

Inventory Trends Builder inventory management continues to be strategic, with 60% of builders maintaining sales incentives to attract buyers.

Regional Developments

South San Antonio is experiencing significant development activity with multiple national and regional home builders filing plans for new subdivisions, indicating strong growth in the region.

West Builder sentiment in the Western region showed a slight decline, dropping one point to 40 in the latest Housing Market Index.

Sources:
Today's Mortgage Rates Fall Again - December 18, 2024 Update
The Federal Reserve's housing recession dilemma
U.S. Home Builders Express Optimism for 2025 - WORLD PROPERTY JOURNAL Global News Center
Rates increase | Mortgage rates for December 18, 2024
Current Mortgage Rates: December 18, 2024 | Money
San Diego Housing Market: Trends and Forecast 2024-2025
Lennar, Horton, M/I and others plan thousands of new SA homes - San Antonio Business Journal
Closing Bell | Market extends losses ahead of Fed outcome; Nifty below 24,200, Sensex down 502 pts
Mortgage Rate Predictions: Will Another Fed Rate Cut Make a Difference? - CNET
US Fed meeting LIVE Updates: All eyes on Jerome Powell as FOMC set to announce its rate cut decision tonight

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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