Reef Daily | January 10 2025

Housing Market Update

Latest Market Data (January 10, 2025)

• Construction industry added 8,000 jobs in December, with nonresidential construction gaining 4,700 positions
• Construction unemployment rate rose to 5.2% in December
• Construction job growth has slowed significantly, with only 15,000 jobs added in Q4 2024

Mortgage Rates

Current rates as of January 10, 2025:

Type	Today's Rate
30-year fixed	6.72%
15-year fixed	6.04%
5/1 ARM	6.72%

Future Forecasts

• Rates have increased 27 basis points compared to last year
• Fannie Mae projects 30-year rates to end 2025 at 6.20%
• MBA forecasts more conservative outlook with rates at 6.8% by Q4 2025

Notable Transactions

Commercial Highlights

• Net Lease Office Properties completed sales of five office properties totaling $43.3 million
• Huntington Station retail property sold for $4.05 million
• Charlotte estate sold for $5.6 million, marking largest square footage sale in city history

Regional Activity

• Louisville: Two properties in Shelby Park purchased for $1.55 million for apartment conversion
• Port Washington: Cloverleaf Infrastructure planning major data center development on 1,000 acres

Market Indicators

Inventory Trends

• Housing inventory increased 27.8% year-over-year

Economic Indicators

• U.S. economy added 256,000 jobs in December
• Unemployment rate decreased to 4.1% from 4.2%
• Strong jobs report reduces likelihood of immediate Fed rate cuts

Regional Developments

West

• Los Angeles experiencing devastating wildfires affecting real estate market

Northeast

• New York Governor proposing measures to curb institutional investors in single-family home market

South

• Florida continues strong population growth, supporting housing demand

Sources

1. noradarealestate.com
2. nj.com
3. fastmarkets.com
4. contractormag.com
5. bizjournals.com
6. finance.yahoo.com
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10. cybernews.com
11. corelogic.com
12. cnn.com
13. nj.com
14. hindustantimes.com
15. wpr.org
16. cvillerightnow.com
17. riskandinsurance.com
18. startribune.com
19. wsj.com
20. quantisnow.com
21. bloomberg.com
22. tapinto.net
23. constructiondive.com
24. reuters.com
25. reuters.com
26. cnet.com
27. forbes.com
28. investopedia.com
29. aol.com
30. cnet.com
31. globest.com
32. libn.com
33. cnn.com
34. globest.com
35. morningstar.com
36. citybiz.co
37. costar.com
38. nerej.com
39. washingtoncountyinsider.com
40. militaryaerospace.com
41. nytimes.com
42. marketsmojo.com
43. reuters.com
44. forbes.com
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46. be3.sk
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48. economictimes.com
49. investopedia.com
50. businessinsider.com
51. nasdaq.com
52. finance.yahoo.com
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54. globenewswire.com
55. nytimes.com
56. noradarealestate.com
57. fastmarkets.com
58. timesofindia.indiatimes.com

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