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December 30 2024

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Reef Daily | December 30 2024

Housing Market Update

Latest Market Data (December 30, 2024) Home prices nationwide increased by 3.4% year-over-year in October, with only a slight month-over-month increase of 0.02%. The Northeast region shows particular resilience, with New Jersey (8.1%), Rhode Island (7.5%), and New Hampshire (6.3%) leading in price gains.

Market Risk Assessment CoreLogic identifies several markets at high risk of price decline over the next 12 months, including Provo-Orem, UT, Salt Lake City, UT, Atlanta-Sandy Springs-Rowsell, GA, Tucson, AZ, and Palm Bay-Titusville-Melbourne, FL.

Mortgage Rates

Current rates as of December 30, 2024:

Type Today's Rate Last Week's Rate
30-year fixed 7.03% 6.93%
15-year fixed 6.34% 6.20%
5/1 ARM 6.53% 6.45%

Rates have moved higher across all loan types compared to last week, with the 30-year fixed rate increasing by 0.10 percentage points. Despite recent Fed rate cuts, mortgage rates have risen 0.71 percentage points since September.

Market Indicators

Price Forecasts CoreLogic projects home prices will decrease by 0.03% from October to November 2024 and increase by 2.4% by October 2025. Fannie Mae predicts the 30-year fixed rate will drop to 6.20% by the end of 2025.

Market Impact The Federal Reserve's recent quarter-point rate cut marks the third consecutive reduction, though mortgage rates have continued to rise despite these cuts.

Regional Developments

Northeast The region continues to show strong price growth despite economic headwinds, with Rhode Island and New Jersey reaching new price highs in October.

West Washington D.C., Idaho, and Montana are currently furthest from their price peaks, down 3.5%, 2.5%, and 2.1% respectively, though Washington D.C. still shows 4.7% year-over-year price growth.

Sources

  1. corelogic.com
  2. noradarealestate.com
  3. mortgagenewsdaily.com
  4. bankrate.com
  5. money.com
  6. therealestatereports.com
  7. cnn.com
  8. noradarealestate.com
  9. noradarealestate.com
  10. investopedia.com

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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