February 07 2025

Reef Daily

Reef Daily | February 07 2025

Latest Market Data (February 7, 2025)

U.S. median single-family existing-home price rose 4.8% YoY to $410,100, with 89% of metros seeing price increases in Q4 2024.
CoreLogic reported a 3.4% YoY national home price gain (December 2023–2024), with month-over-month growth stagnant since September 2024.
New listings surged 27% YoY, contributing to a 12.7% rise in total housing inventory (1.54 million homes available).

Pending home sales fell 5.5% in December 2024, signaling potential declines in finalized sales for early 2025.

Commercial Highlights

Industrial developer acquired a 50,043 sq. ft. property on 2.49 acres in Farmingdale, NY.

Northeast: Prices rose 10.6% YoY, led by Connecticut (+7.8%) and New Jersey (+7.7%).
Midwest: Double-digit gains in markets like Peoria, IL (+19.6%) and Cleveland, OH (+16.4%).
South: Modest 2.1% YoY price growth, with Florida inventory up 22.6%.
West: Risk of price declines noted in California and Hawaii; San Jose, CA remains the priciest metro at $1.92M.

Labor Market

U.S. added 143,000 jobs in January 2025, below expectations; unemployment rate dipped to 4%.
Continuing unemployment claims rose to 1.89 million (week ending Jan. 25), near a three-year high.

Economic Outlook

Disposable personal income growth is projected to slow to 1.7% in 2025, down from 2.9% in 2024.

Regional Developments

Trade Deficit: U.S. monthly trade deficit widened in November 2024, per Census Bureau data.
Home Sales Profit: Typical seller profits fell to $122,500 in 2024 amid elevated mortgage rates and cash purchases (38.9% of sales).

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