January 03 2025

Reef Daily

Reef Daily | January 03 2025

Housing Market Update

Latest Market Data (January 3, 2025) The median list price stands at $409,500, showing a 1.4% increase compared to last year. Active inventory has improved, with homes for sale growing by 7.9% compared to the previous year. The total number of unsold homes, including those under contract, has increased by 6.5%.

Construction Activity Builder confidence has surged seven points to 44 in January, marking the second consecutive monthly increase. This improvement is primarily attributed to mortgage rates falling below 7%.

Mortgage Rates

Current rates as of January 3, 2025:

Type	Today's Rate	Last Week's Rate
30-year fixed	6.95%	6.98%
15-year fixed	6.28%	6.35%
5/1 ARM	6.52%	6.49%

Notable Transactions

Commercial Highlights A 1.3 million-square-foot industrial building at 8450 Boston Church Road in Milton sold for $361 million to Prologis, representing $270 per square foot.

Regional Activity

Village Green Apartments in Old Toronto sold for $264 million to Brookfield Properties
Two office buildings at 1900 & 1908 Ironoak Way in Oakville traded for $35 million
15 Neighbourhood Lane development site in Etobicoke acquired by Empire Communities for $48 million

Market Indicators

Inventory Trends New listing activity has shown improvement with a 2.8% increase compared to last year. The South and Midwest regions experienced inventory growth of 8.9% and 2.1% respectively, while the Northeast (-6.4%) and West (-11.2%) saw declines.

Regional Developments Memphis (+28.8%), New Orleans (+28.5%), and Orlando (+27.3%) recorded the highest inventory growth among major metros. Denver (+21.3%), Seattle (+20.6%), and Miami (+20.2%) led in newly listed homes growth.

Sources

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