Wave background
Back to Reef Daily

January 29 2025

Reef Daily

Marble background

Reef Daily | January 29 2025

Housing Market Update

Latest Market Data (January 29, 2025)

  • Mortgage applications declined 2.0% from the previous week on a seasonally adjusted basis
  • Purchase applications decreased 0.4% week-over-week, down 7% from last year
  • Refinance applications dropped 7% for the week but remain 5% higher than last year
  • FHA purchase loan applications increased by 2%, showing strength in that segment

Mortgage Rates

Current rates as of January 29, 2025:

Type Today's Rate Last Week's Rate
30-year fixed 7.01% 7.08%
15-year fixed 6.31% 6.48%
5/1 ARM 6.38% 6.52%

Future Forecasts The Federal Reserve held rates steady today, suggesting mortgage rates may remain elevated in the near term as the Fed monitors inflation and economic conditions.

Notable Transactions

Commercial Highlights

  • Ten Penn Center, a 668,000-square-foot office tower in Philadelphia, has been listed for sale. The 27-story building was last assessed at $122.8 million
  • Office building sales volume increased to $63.6 billion last year, marking a 20% increase from 2023

Regional Activity

  • West Des Moines: Adam and Kelly Niebrugge purchased property at 620 S. 28th St. for $1.5 million
  • Monterey County: Record-breaking $45 million residential sale, plus Clint Eastwood's home sold for $19.3 million

Market Indicators

Inventory Trends The South region is experiencing record-high new home inventory levels, surpassing even Housing Bust figures with 301,000 units available

Regional Developments

  • South: New house sales edged down slightly from prior year to 411,000 units
  • West: Inventory of new houses reached 119,000, highest since December 2007
  • Northeast: Only 33,000 new houses sold in 2024, with supply reaching 17 months
  • Midwest: Sales rose to 79,000 units with inventory at highest level since 2009

Sources

  1. worldpropertyjournal.com
  2. noradarealestate.com
  3. aol.com
  4. stocktitan.net
  5. bizjournals.com
  6. globest.com
  7. wolfstreet.com
  8. globenewswire.com
  9. aol.com
  10. detroitchamber.com
  11. globest.com
  12. homecaremag.com
  13. theswellesleyreport.com
  14. globenewswire.com
  15. cbsnews.com
  16. southbmore.com
  17. cnn.com
  18. fortune.com
  19. nationalmortgageprofessional.com
  20. businessinsider.com
  21. bankrate.com
  22. marketwatch.com
  23. finance.yahoo.com
  24. cnet.com
  25. investopedia.com
  26. investopedia.com
  27. aol.com
  28. worldpropertyjournal.com
  29. businessrecord.com
  30. costar.com
  31. morningstar.com
  32. abc7.com
  33. washingtonian.com
  34. noradarealestate.com
  35. jpost.com
  36. altusgroup.com
  37. qns.com
  38. scotsmanguide.com

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

© 2025 Reef Insights. All rights reserved.

Wave full background

Get Daily Updates

Subscribe to Reef Daily and never miss our market insights.

Daily Market Updates

Curated insights delivered every morning

Free newsletter subscription