Reef Daily | January 13 2025

Housing Market Update

Latest Market Data (January 13, 2025)

• Buffalo named top US housing market for second consecutive year, driven by strong job growth and expected appreciation
• Construction industry added 8,000 jobs in December
• Small business confidence in national economy jumped 12 points to 55%, while midsize business confidence doubled to 65%

Mortgage Rates

Current rates as of January 13, 2025:

Future Forecasts Most major institutions predict rates will remain above 6% throughout 2025:

• Mortgage Bankers Association: 6.4% to 6.6%
• Realtor.com: ~6.2%
• Fannie Mae: Average of 6.4%

Notable Transactions

Commercial Highlights

• Bridge33 Capital acquired Shops at CenterPoint in Grand Rapids, Michigan for $70M
• Rush Commercial Construction continues work on 128-unit mixed-use building in Sumner

Regional Activity

• Northeast: Boston ranked 16th on Zillow's hottest markets list, with 2.1% expected home value growth
• Midwest: Chicago ranked 39th, with projected 1.2% value growth
• South: Miami ranked 15th, with expected 3.5% growth
• West: Construction backlog held steady at 8.4 months

Market Indicators

Inventory Trends Zillow forecasts slow and steady home value growth with inventory recovery expected through 2025

Regional Developments Top 10 hottest markets for 2025:

1. Buffalo
2. Indianapolis
3. Providence
4. Hartford
5. Philadelphia
6. St. Louis
7. Charlotte
8. Kansas City
9. Richmond
10. Salt Lake City

Sources

1. businessinsider.com
2. bizjournals.com
3. njbiz.com
4. constructiondive.com
5. noradarealestate.com
6. noradarealestate.com
7. noradarealestate.com
8. globest.com
9. bostonagentmagazine.com
10. chicagoagentmagazine.com
11. aol.com
12. gpsworld.com
13. globest.com
14. blueseatblogs.com
15. bostonrealestatetimes.com
16. aol.com
17. dataconomy.com
18. globenewswire.com
19. noradarealestate.com
20. floordaily.net
21. reuters.com
22. nationalmortgageprofessional.com
23. washingtonpost.com
24. washingtonpost.com
25. reuters.com
26. reuters.com
27. djc.com
28. finance.yahoo.com
29. trains.com
30. investopedia.com
31. cnet.com
32. forbes.com
33. wgrz.com
34. citybiz.co
35. washingtonpost.com
36. einnews.com
37. cnn.com
38. candysdirt.com
39. commercialsearch.com
40. nytimes.com
41. southfloridaagentmagazine.com
42. aljazeera.com
43. noradarealestate.com
44. dallasnews.com
45. cnbcafrica.com
46. multihousingnews.com
47. stpetecatalyst.com
48. chicagobusiness.com
49. realestatenews.com
50. finance.yahoo.com
51. investopedia.com
52. abcnews.go.com
53. benzinga.com
54. ropesgray.com
55. aol.com

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