February 06 2025

Reef Daily

Reef Daily | February 06 2025

Housing Market Update

Latest Market Data (February 6, 2025)

New listings increased 7.9% year-over-year, marking the largest increase since late 2024
Pending sales declined 8.1% year-over-year
Housing inventory reached 5 months of supply, highest level in six years
Homes selling for 2% below list price, largest discount in nearly two years
Median monthly housing payment rose 8.3% to $2,784

Regional Price Changes

Pittsburgh: Highest year-over-year median sale price increase (+15.7%)
Austin: Largest price decrease (-5.5%)
Orlando: Largest new listings increase (+27.7%)
Detroit: Largest new listings decline (-13.9%)

Mortgage Rates

Current rates as of February 6, 2025:

Type	Today's Rate	Last Week's Rate
30-year fixed	6.96%	6.99%
15-year fixed	6.21%	6.26%
5/1 ARM	6.27%	6.30%

Future Forecasts Experts anticipate rates will likely decline if inflation continues to show signs of cooling, with potential for rates to stabilize below 7% in the coming weeks

Notable Transactions

Commercial Highlights FCP closed $16.7 million in preferred equity financing for 320-unit multifamily development in Orlando's Lake Nona submarket

Market Indicators

Inventory Trends

Active listings up 12.5% year-over-year
Current market shows 5 months of supply, up from 4.4 months a year ago

Buyer Demographics Homebuyer demand remains near lowest level since spring 2024

Regional Developments

South

Orlando's Lake Nona submarket seeing significant multifamily development activity
Strong demand fueled by health and life sciences industry growth

Construction Activity Construction output decreased across residential sectors, with house building experiencing significant decline. Rising energy, transport, and wage costs continue to impact the construction sector

Sources

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