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January 29 2025
Reef Daily
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
- worldpropertyjournal.com
- noradarealestate.com
- aol.com
- stocktitan.net
- bizjournals.com
- globest.com
- wolfstreet.com
- globenewswire.com
- aol.com
- detroitchamber.com
- globest.com
- homecaremag.com
- theswellesleyreport.com
- globenewswire.com
- cbsnews.com
- southbmore.com
- cnn.com
- fortune.com
- nationalmortgageprofessional.com
- businessinsider.com
- bankrate.com
- marketwatch.com
- finance.yahoo.com
- cnet.com
- investopedia.com
- investopedia.com
- aol.com
- worldpropertyjournal.com
- businessrecord.com
- costar.com
- morningstar.com
- abc7.com
- washingtonian.com
- noradarealestate.com
- jpost.com
- altusgroup.com
- qns.com
- scotsmanguide.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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