January 06 2025

Reef Daily

Reef Daily | January 06 2025

Housing Market Update

Latest Market Data (January 6, 2025) The number of homes actively for sale increased by 7.9% compared to last year, with total unsold homes, including those under contract, rising by 6.5%. New listing activity showed improvement with 2.8% more newly listed homes compared to the previous year.

Regional Activity The South and Midwest regions experienced inventory growth of 8.9% and 2.1% respectively, while inventory declined in the Northeast (-6.4%) and West (-11.2%). Notable inventory increases were seen in Memphis (+28.8%), New Orleans (+28.5%), and Orlando (+27.3%).

Mortgage Rates

Current rates as of January 6, 2025:

Type	Today's Rate	Last Week's Rate
30-year fixed	7.00%	7.03%
15-year fixed	6.30%	6.34%
5/1 ARM	6.53%	6.53%

Future Forecasts Mortgage rates are expected to fluctuate in the near term as markets anticipate potential Federal Reserve rate decisions.

Notable Transactions

Commercial Highlights A historic 60-acre estate in New Hope, originally granted by William Penn, sold for $5.1 million. The property features five bedrooms and five bathrooms.

Regional Activity In the Philadelphia region, significant sales include:

Thompson Mill Road estate in New Hope: $4.7 million
Two properties in Newtown and New Hope: $4.5 million each

Market Indicators

Inventory Trends Total housing inventory decreased 2.9% from the previous month but remains up 17.7% from one year ago, with current inventory at a 3.8-month supply.

Price Trends The median list price stands at $409,500, showing a modest 1.4% increase from the previous year.

Regional Developments

Northeast New listings decreased by 4.0% compared to last year.

Midwest New inventory declined by 1.9%, though overall inventory showed positive growth.

South New inventory grew by 1.9% with strong activity in multiple markets.

West Showed the strongest growth in newly listed homes at 11.5%.

Sources

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