Reef Daily | January 09 2025

Housing Market Update

Latest Market Data (January 9, 2025)

• Redfin's Homebuyer Demand Index increased 2% from last month and 2% year-over-year
• Pending home sales declined 3.1% compared to last year
• New listings dropped 2.5%, marking the biggest decline in over a year
• Median sale price rose to $379,988, up 5.5% year-over-year
• Active listings increased 10.6% compared to last year

Construction Activity

• Nonresidential construction planning rebounded in December, climbing 10.2%
• Commercial planning surged 14.2%, led by data center and warehouse projects
• 32 projects valued at $100M+ entered planning phase in December

Mortgage Rates

Current rates as of January 9, 2025:

Notable Transactions

Commercial Highlights

• Kimco Realty acquired The Markets at Town Center in Jacksonville for $108M
• DLC purchased Danada Square West in Chicago MSA for $61.7M
• NAI James E. Hanson acquired The Garibaldi Group and NAI Summit

Regional Activity

• Long Island: BV Holdings New York leased 1,500 sq ft office space in Bohemia
• Long Island: 206 E Main LLC purchased 3,650 sq ft building in Port Jefferson for $1.5M
• Long Island: Town of Southampton acquired 27 acres in Westhampton for $1.5M

Market Indicators

Inventory Trends

• Months of supply increased to 4.3 months (+0.3 points year-over-year)
• Share of homes off market in two weeks decreased to 22.5%
• Median days on market increased to 49 days (+6 days)

Regional Developments

West

• Bay Area expecting gradual price corrections through 2025
• Los Angeles wildfires affecting real estate activity in Pacific Palisades area

South

• Houston reported increased home sales in December
• Mississippi announced $10B Compass Datacenters investment in Meridian

Northeast

• Greater Boston office market showing signs of stabilization
• NYC investigating real estate brokerage controversies

Sources

1. redfin.com
2. noradarealestate.com
3. fastmarkets.com
4. constructiondive.com
5. libn.com
6. noradarealestate.com
7. bizjournals.com
8. nytimes.com
9. vogue.com
10. magnoliatribune.com
11. foxbusiness.com
12. worldpropertyjournal.com
13. foxbusiness.com
14. dailyreporter.com
15. finance.yahoo.com
16. plantcityobserver.com
17. en.armradio.am
18. mecktimes.com
19. 6abc.com
20. morningstar.com
21. accesswire.com
22. autodesk.com
23. housingwire.com
24. chattanoogan.com
25. bain.com
26. reuters.com
27. reuters.com
28. ctinsider.com
29. washingtonpost.com
30. costar.com
31. tapinto.net
32. accesswire.com
33. cnn.com
34. gothamist.com
35. capecod.gov
36. rebusinessonline.com
37. bostonrealestatetimes.com
38. morningstar.com
39. novoco.com
40. jdsupra.com
41. houstonchronicle.com
42. newswire.com
43. today.com
44. mivalle.net.ar
45. travelandtourworld.com
46. housingwire.com
47. chattanoogan.com
48. noradarealestate.com
49. be3.sk
50. whro.org
51. njbiz.com
52. noradarealestate.com
53. bnnbloomberg.ca
54. sfchronicle.com

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