Reef Daily | February 03 2025

Housing Market Update

Latest Market Data (February 3, 2025)

• Home price growth in 2024 was the lowest since 2011, ending at 3.4%
• Housing inventory increased 22% in 2024, reaching its highest level since mid-2020
• Manhattan housing inventory dropped 17% from December 2024 to January 2025

Construction Activity

• Multifamily sector showing strong recovery with Q4 2024 net absorption reaching 183,600 units
• Vacancy rates decreased to 4.9%, slightly below long-term average of 5.0%
• Monthly rents rose 0.5% year-over-year, averaging $2,176

Mortgage Rates

Current rates as of February 3, 2025:

Type	Today's Rate	Last Week's Rate
30-year fixed	6.97%	7.04%
15-year fixed	6.22%	6.32%
5/1 ARM	6.32%	6.47%

Notable Transactions

Commercial Highlights

• AT&T sold Downtown Jacksonville property at 424 Pearl St. for $29.65 million to New York private investment firm
• Findlay Food Coatings leased 36,348 square feet of industrial space in Caldwell
• R1 RCM renewed lease on 8,741 square feet at 1471 W Shoreline Drive in Boise

Regional Activity

• Brooklyn investment sales rose 37% to $7.15 billion year-over-year in 2024
• Brevard County, Florida saw single-family home sales decrease by 2.3% in 2024
• Boise commercial real estate seeing active leasing across office, retail, and industrial sectors

Market Indicators

Inventory Trends

• Southern states leading recovery to pre-pandemic inventory levels
• Months' supply of inventory up 25% to 4.0 months in Brevard County

Investment Activity

• Multifamily investment surged 59% year-over-year in Q4 2024, totaling $43.4 billion
• Record 450,000 multifamily units delivered in 2024

Regional Developments

Northeast

• Manhattan experiencing significant inventory reduction

South

• Brevard County median sales price increased 5.0% to $379,125
• Jacksonville seeing major commercial property transactions

West

• Boise market showing strong commercial leasing activity across sectors
• Idaho commercial real estate market remains active with multiple new leases and renewals

Sources

1. noradarealestate.com
2. spacecoastdaily.com
3. idahobusinessreview.com
4. worldpropertyjournal.com
5. editorji.com
6. stocktitan.net
7. businessinsider.com
8. georgetowner.com
9. brooklyneagle.com
10. finance.yahoo.com
11. jaxdailyrecord.com
12. canada.constructconnect.com
13. themiddlemarket.com
14. propertyshark.com
15. quantisnow.com
16. fortune.com
17. editorji.com
18. 247wallst.com
19. risingnepaldaily.com
20. cnet.com
21. cnet.com
22. finance.yahoo.com
23. aol.com
24. hobokengirl.com
25. mikedp.com
26. finance.yahoo.com
27. bostonrealestatetimes.com
28. mysanantonio.com
29. jdsupra.com
30. amro-asia.org
31. citybiz.co
32. finance.yahoo.com
33. reuters.com
34. cnbctv18.com
35. dailysabah.com
36. voanews.com
37. asaaseradio.com
38. mokokchungtimes.com
39. philstar.com
40. turkiyetoday.com
41. uniindia.com
42. bigmint.co
43. businessinsider.com
44. moneycontrol.com
45. thejakartapost.com
46. investopedia.com
47. bankrate.com
48. investopedia.com
49. cryptoslate.com
50. finance.yahoo.com
51. fintech.ca
52. knkx.org
53. dailysabah.com
54. turkiyetoday.com
55. aljazeera.com
56. en.irna.ir

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