December 19 2024
Reef Daily
Reef Daily | December 19 2024
Housing Market Update
Latest Market Data (December 19, 2024) Existing-home sales showed remarkable strength, rising 4.8% in November to a seasonally adjusted annual rate of 4.15 million units, marking the fastest pace since March. This represents a 6.1% increase from last year, the largest year-over-year gain since June 2021.
The median existing-home price reached $406,100, up 4.7% from November 2023, continuing the trend of price increases for the 17th consecutive month.
Inventory Trends Total housing inventory declined 2.9% from October to 1.33 million units at the end of November, though this represents a 17.7% increase from one year ago. The current unsold inventory sits at a 3.8-month supply.
Mortgage Rates
Current rates as of December 19, 2024:
Type | Today’s Rate | Last Week’s Rate |
---|---|---|
30-year fixed | 6.84% | 6.73% |
15-year fixed | 6.12% | 6.03% |
5/1 ARM | 6.22% | 6.07% |
Rates increased following the Federal Reserve's latest meeting, with the 30-year fixed mortgage climbing to 6.50%.
Future Forecasts The Federal Reserve announced fewer expected rate cuts for 2025, revising down from four to just two cuts, suggesting mortgage rates may remain elevated longer than previously anticipated.
Notable Transactions
Commercial Highlights Copper Ridge Apartments, a 325-unit multifamily property in Renton, Washington, sold for $70 million to Timberlane Partners.
Regional Activity
Northeast: Sales jumped 8.5% to an annual rate of 510,000 units Midwest: Sales increased 5.3% to an annual rate of 1 million South: Sales rose 5.6% to an annual rate of 1.87 million West: Sales remained steady at an annual rate of 770,000
Market Indicators
Buyer Demographics First-time buyers accounted for 30% of sales in November, up from 27% in October. Individual investors and second-home buyers represented 13% of purchases, down from 17% in October.
Regional Developments
New York State experienced significant inventory constraints, with available homes dropping to 26,152 units in November, marking an 11.3% reduction from the previous year and reaching the lowest level since March.
Sources:
Today's Mortgage Rates Rise After Fed Meeting - December 19, 2024
Existing-Home Sales See Strongest Year-Over-Year Increase Since 2021 — RISMedia
Homebuilder Confidence Hits Lowest Reading Since December 2023 — RISMedia
Current Mortgage Rates: December 19, 2024 | Money
YieldPro Copper Ridge
Indices slump 4 days straight, Fed's hawkish tone weighs | Capital Market News - Business Standard
Yahoo Finance - NY Home Inventory Drops
Existing-Home Sales Elevated 4.8% in November; Post Strongest Year-Over-Year Increase Since June 2021
Closing Bell: Sensex plunges 960 pts, Nifty ends near 23,950; IT, banks hit worst, pharma sole outlier
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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