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January 24 2025

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Reef Daily | January 24 2025

Housing Market Update

Latest Market Data (January 24, 2025)

  • Existing home sales rose 2.2% in December to 4.24 million, the highest level since February 2024
  • Annual existing home sales for 2024 fell to 4.06 million, lowest since 1995
  • Median existing home price reached record $407,500 in 2024
  • December median price was $404,400, up 6.0% from prior year
  • Housing inventory dropped 13.5% to 1.15 million units in December
  • Unsold inventory sits at 3.3-month supply at current sales pace

Mortgage Rates

Current rates as of January 24, 2025:

Type Today's Rate Last Week's Rate
30-year fixed 7.01% 7.11%
15-year fixed 6.27% 6.39%
5/1 ARM 6.52% 6.60%

Future Forecasts Fannie Mae predicts mortgage rates to close 2025 at 6.5%, with home price appreciation decelerating to 3.5% in 2025

Notable Transactions

Commercial Highlights

  • AT&T completed $850M sale-leaseback of 74 properties totaling 13M square feet with Reign Capital
  • $33.25M sale of 8.84-acre outdoor storage site in Middlesex County, NJ to Oliver Street Capital and Bain Capital Real Estate
  • Realterm acquired 13-property industrial outdoor storage portfolio across multiple states

Regional Activity

  • Las Vegas luxury home market averaging $1.58M, up 7.5% year-over-year
  • Port Washington, WI approved 1,900-acre land annexation for future data center development

Market Indicators

Inventory Trends

  • Total housing inventory down 13.5% monthly but up 16.2% annually
  • Unsold inventory at 3.3-month supply, down from 3.8 months in November

Buyer Demographics

  • Sales rose 35% year-over-year for homes priced above $1 million
  • Sales declined for homes priced under $250,000

Regional Developments

West

  • Las Vegas ranks #1 in luxury investments among top 10 metro areas

Northeast

  • Multiple residential transactions in Berkshire region ranging from $120,000 to $2.45M

South

  • Texas markets showing increased inventory levels, particularly in Austin, Dallas, and San Antonio

Midwest

  • Port Washington, WI advancing major data center development project

Sources

  1. investopedia.com
  2. nar.realtor
  3. noradarealestate.com
  4. stocktitan.net
  5. rismedia.com
  6. editorji.com
  7. worldpropertyjournal.com
  8. powersportsbusiness.com
  9. abc.org
  10. dailyreporter.com
  11. realtor.com
  12. realestatenews.com
  13. financefeeds.com
  14. worldpropertyjournal.com
  15. geoweeknews.com
  16. noradarealestate.com
  17. utilitydive.com
  18. investopedia.com
  19. businessinsider.com
  20. themortgagereports.com
  21. rismedia.com
  22. foxbusiness.com
  23. finance.yahoo.com
  24. aol.com
  25. investopedia.com
  26. eyeonhousing.org
  27. theberkshireedge.com
  28. prunderground.com
  29. bizjournals.com
  30. njbiz.com
  31. journal.firsttuesday.us
  32. washingtoncountyinsider.com
  33. egyptian-gazette.com
  34. newsweek.com
  35. highnorthnews.com
  36. investopedia.com
  37. insideindianabusiness.com

This newsletter is for informational purposes only and should not be considered as financial advice.

© 2025 Reef Insights. All rights reserved.

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