Reef Daily | December 02 2024

Housing Market Update

Latest Market Data (December 2, 2024)

The NAR's 2024 Migration Trends report reveals that 42% of Americans who relocated across state lines did so for housing-related reasons, while 26% moved for family reasons and 16% for employment opportunities.

Regional Activity
The South continues to dominate population growth through migration:

• Florida leads with 372,870 net migration
• Texas follows with 315,301 new residents
• North Carolina ranks third with 126,712 newcomers

Population Shifts
Several states experienced population declines in 2023:

• California lost 75,423 residents
• New York decreased by 101,984 people
• Illinois declined by 32,826 residents

Mortgage Rates

Current rates as of December 2, 2024:

Type	Rate
30-year fixed	6.91%
15-year fixed	6.18%
30-year jumbo	6.95%

Rate Movement
Most mortgage rates have declined compared to last week, with the 30-year fixed rate dropping 0.07 percentage points to 6.91% and the 15-year fixed rate decreasing by 0.06 points to 6.18%. However, 5/1 ARM rates increased by 0.27 points to 6.68%.

Notable Transactions

Commercial Highlights

• Atlas Land Develop LLC acquired property from Penn Hills Holdings LLC for $160,000
• LewisBrothers 0412 LLC purchased property at 107 W Hutchinson Ave. for $251,500
• VB One LLC sold property to VB Ten LLC for $270,940

Regional Activity

Northeast:

• Churchill area recorded multiple significant sales, including a $340,000 transaction on Williamsburg Place
• Monroeville market showed strong activity with multiple sales ranging from $165,000 to $340,000
• Forest Hills saw notable transactions, including a $315,000 sale on Barclay Avenue

Regional Developments

East: Allegheny County continues to show robust market activity with significant transactions across various price points, particularly in suburban areas like Churchill, Monroeville, and Forest Hills.

Sources:
Majority of rates decline | Mortgage rates for December 2, 2024
Visa and Mastercard Earnings Shine Spotlight on B2B Innovations | PYMNTS.com
East suburban real estate transactions, week of Dec. 1, 2024 | TribLIVE.com
Nifty Realty gains 2%; Godrej Properties, Oberoi Realty rise up to 4% | News on Markets - Business Standard
Top states Americans moving to dominated by the South

Sources

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