Reef Daily | January 14 2025

Housing Market Update

Latest Market Data (January 14, 2025)

• New listings increased 0.9% year-over-year in December, though still below pre-pandemic levels
• KB Home reported Q4 deliveries up 17% to 3,978 homes
• Average selling price for KB Home properties rose 3% to $501,000
• KB Home's homebuilding operating income grew 27% to $229.1 million

Mortgage Rates

Current rates as of January 14, 2025:

Future Forecasts The 30-year mortgage rate is expected to average around 6.5% early in 2025 with potential drops to 6.3% by year-end

Notable Transactions

Commercial Highlights Royal Capital Group revealed plans for a new Fort Worth development including:

• 184 residential units
• Commercial space for restaurants, market, fitness center
• 247 parking spaces
• Construction expected to begin early 2026

Regional Activity Quebec market highlights:

• Sales jumped 19% in 2024 vs 2023
• Quebec City median home price: $385,000 (up 10%)
• Gatineau median home price: $465,000 (up 6%)
• Sherbrooke sales increased 26%

Market Indicators

Inventory Trends

• Active listings in Quebec City declined 15% year-over-year
• Gatineau listings rose 27% compared to last year
• Months of inventory in Quebec City: 3 months
• Months of inventory in Gatineau: 3.8 months

Regional Developments

Northeast

• Jacksonville's median sale price: $303,000, up 2.66% year-over-year
• Average days on market in Jacksonville: 78 days in Q3 2024

South

• Los Angeles facing significant wildfire impact on housing market with estimated $30 billion in insured losses

West

• San Jose median home price reached $1,562,939, showing 10.71% year-over-year growth

Sources

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