February 05 2025

Reef Daily

Reef Daily | February 05 2025

Housing Market Update

Latest Market Data (February 5, 2025) Mortgage applications for home purchases declined 4% last week, with demand remaining unchanged from the same period last year.

Construction Activity The construction industry had 217,000 job openings at the end of December, with the hiring rate falling to 3.6%, the lowest level in five years outside of April 2020.

Mortgage Rates

Current rates as of February 5, 2025:

Type	Today's Rate	Last Week's Rate
30-year fixed	6.95%	7.01%
15-year fixed	6.24%	6.31%
5/1 ARM	6.15%	6.38%

Future Forecasts Fannie Mae forecasts released last week predict rates will close the year at 6.5%.

Notable Transactions

Commercial Highlights Lingerfelt completed the sale of Port 801, a 239,448 SF industrial facility in Richmond, VA.

Regional Activity Florida-based Maplewood Communities acquired Southland Park, a 90-lot mobile home park in Des Moines for $5.3 million.

Market Indicators

Inventory Trends

Sarasota County inventory increased 25% year-over-year to 5.5-month supply
Manatee County ended with 2,518 active listings and 4-month supply

Regional Developments

Midwest Toledo ranked No. 3 among most in-demand housing markets.

South Sarasota and Manatee counties are showing a shift toward buyer-favorable conditions with increased inventory levels and longer days on market.

Sources

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