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December 27 2024

Reef Daily

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Reef Daily | December 27 2024

Housing Market Update

Latest Market Data (December 27, 2024) Active listings increased 12% year-over-year during the four weeks ending December 22, marking the smallest increase since March. The median sale price reached $383,725, showing a 6% increase from last year. Pending sales declined 3.4%, marking the first drop in three months.

Construction Activity The market is showing signs of supply buildup, with homes staying on the market longer. The median days on market has increased to 45 days, up 6 days from last year.

Mortgage Rates

Current rates as of December 27, 2024:

Type Today’s Rate Last Week’s Rate
30-year fixed 6.99% 6.89%
15-year fixed 6.35% 6.15%
5/1 ARM 6.50% 6.49%

Future Forecasts After anticipated Federal Reserve rate cuts, transaction volume is projected to increase by 25%-33% in 2025, with industrial properties expected to lead in pricing growth.

Notable Transactions

Commercial Highlights BNP Paribas finalized acquisition negotiations with Axa IM's subsidiary. M&G Real Estate acquired a 65% stake in BauMont Real Estate Capital.

Regional Activity The strongest year-over-year price increases were observed in:

  • Philadelphia (17.1%)
  • Milwaukee (14.3%)
  • Cleveland (13.3%)
  • Nassau County, NY (12%)
  • Warren, MI (11.3%)

Market Indicators

Inventory Trends Total housing supply currently stands at 954,703 active listings, with months of supply at 4 months, indicating a move toward a more balanced market.

Buyer Demographics Google searches for "home for sale" increased 1.5% from last month but decreased 26.1% year-over-year.

Regional Developments

West Phoenix and Las Vegas showed positive momentum in new listings, with increases of 8.7% and 8.9% respectively.

South Orlando and Tampa experienced mixed results, with Orlando showing declining new listings while Tampa demonstrated growth in market activity.

Northeast Boston saw a 12.5% decrease in new listings, while Nassau County experienced a 13.9% decline.

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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