January 07 2025

Reef Daily

Reef Daily | January 07 2025

Housing Market Update

Latest Market Data (January 7, 2025) The number of homes actively for sale has grown by 7.9% compared to last year, with total unsold homes increasing by 6.5%. New listing activity showed improvement with 2.8% more newly listed homes compared to the previous year. The median home price remains relatively stable with a modest 1.4% growth.

Mortgage Rates

Current rates as of January 7, 2025:

Type	Today's Rate	Last Week's Rate	Change
30-year fixed	7.04%	7.04%	N/C
15-year fixed	6.35%	6.37%	-0.02%
5/1 ARM	6.51%	6.62%	-0.11%

Notable Transactions

Regional Activity Greater Toronto Area reported December home sales of 3,359 units, showing a slight decline of 1.8% compared to the previous year. The average selling price in the region decreased by 1.6% to $1,067,186.

Market Indicators

Inventory Trends Regional inventory variations show significant differences:

South: +8.9% increase
Midwest: +2.1% increase
Northeast: -6.4% decrease
West: -11.2% decrease

Regional Price Variations Memphis (+28.8%), New Orleans (+28.5%), and Orlando (+27.3%) showed the highest inventory growth among major metros. Only San Antonio (+24.7%), Austin (+8.2%), and Dallas (+2.3%) maintained inventory levels above pre-pandemic numbers.

Regional Developments

West

Newly listed homes increased by 11.5%
Denver showed strongest growth in new listings at +21.3%
Seattle followed with +20.6% growth in new listings

South

New inventory grew by 1.9%
Strong inventory growth continues across the region

Northeast

New listings declined by 4.0%
Overall inventory remains challenged with a 6.4% decrease

Midwest

New listings decreased by 1.9%
Modest inventory growth of 2.1% year-over-year

Sources

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