February 04 2025

Reef Daily

Reef Daily | February 04 2025

Housing Market Update

Latest Market Data (February 4, 2025) Construction industry job openings fell to 217,000 in December 2024, marking the lowest level since April 2020. The hiring rate dropped to 3.6%, while total U.S. job openings decreased to 7.6 million from 8.2 million in November. Home prices have risen 4.8% year-over-year, with the median monthly payment now at $2,753.

Construction Activity Nonresidential construction spending decreased 0.2% in December to $1.24 trillion annually, with declines in nine of 16 subcategories. Public nonresidential spending fell 0.5%, while private nonresidential spending increased slightly by 0.1%.

Mortgage Rates

Current rates as of February 4, 2025:

Type	Today's Rate	Last Week's Rate
30-year fixed	6.99%	7.05%
15-year fixed	6.25%	6.34%
5/1 ARM	6.36%	6.55%

Notable Transactions

Commercial Highlights

The BLVD Group acquired Williams Woods Apartments in Providence, RI, allocating $550,000 for improvements
Ensign Group acquired five senior living properties in Texas
Miami-Dade County recorded 97 condo sales totaling $71.2 million
Top sale: Turnberry Ocean Club unit sold for $5.5 million ($1,760 per square foot)
Five Park unit in Miami Beach closed at $5.2 million ($2,615 per square foot)
Malenich Farms sold 201 acres in Columbus for $1.4 million
CSX began the $566 million Howard Street Tunnel project in Baltimore

Regional Activity California Regional MLS has entered into new reciprocal data access agreements with Northwest MLS and Western Arizona REALTOR® Data Exchange, expanding listing access across state lines.

Market Indicators

Inventory Trends The market is seeing continued growth in listing inventory, particularly in Sun Belt regions including Florida, Texas, Arizona, and North Carolina.

Employment Trends

Construction hiring reached historically slow levels in December
Industry job openings decreased by 55,000 last month
Layoffs remained low across sectors, indicating strong job security

Regional Developments

South Florida's housing sector shows signs of transitioning to a buyer's market, with single-family homes at 4.7 months of supply and condos/townhouses at 8.2 months of supply.

Northeast Westport, Connecticut's luxury market is showing strength with Bluewater Home's new benchmark of $7.25 million at 14 Cockenoe Drive, achieving a $400 per square foot premium over previous records.

Sources

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