April 10 2025

Reef Daily

Reef Daily | April 10 2025

Housing Market Update

Latest Market Data (April 10, 2025)

Pending home sales down 1.1% year-over-year, marking the smallest decline since early 2025
Median sale price nationwide at $386,500, up 2.5% (smallest increase since October 2023)
Median asking price increased to $426,910, up 6.5% year-over-year
New listings surged to 100,661, representing a 10.3% annual increase
Active listings reached 984,949, up 11.4% compared to last year
Months of supply stands at 4 months (up 0.6 points year-over-year)
Shadow inventory of vacant homes reportedly increasing in Texas, with listings reaching highest March levels in many years

Mortgage Rates

Current rates as of April 10, 2025:

Type	Today's Rate	Last Week's Rate
30-year fixed	6.72%	6.70%
15-year fixed	5.97%	5.96%
5/1 ARM	5.89%	5.98%

Future Forecasts Markets are awaiting this morning's consumer price index report for clues on inflation's progress toward the Federal Reserve's 2% goal. Economists expect the reading to come in slightly lower than February's 2.8%.

Notable Transactions

Commercial Highlights NYC investment activity accelerated with Q1 property sales jumping 38% year-over-year, totaling 164 deals worth $3.7 billion. Development sites represented 26% of all dollars spent—the highest share since 2018.

901 Burman Blvd LLC sold to 901 Burman PD LLC for $15,250,000 in Calverton (NY)

Uniqlo acquired a retail condo at 666 Fifth Ave from Vornado Realty Trust for $355 million, while Extell Development secured the final piece of a Fifth Ave assemblage for $175 million.

Albert Wood transferred 1000 1st Street in New Suffolk to Hampton Oyster Company LLC for $725,000

Regional Activity Northeast: Significant activity in Suffolk County, NY with multiple high-value transactions including Hooverness LLC selling to Hanami I LLC in Fishers Island for $4,550,000

South: In Austin, Texas, increasing inventory has sparked debate about potential "shadow inventory" of vacant homes being released to market

Market Indicators

Inventory Trends Active listings nationwide increased 11.4% year-over-year, reaching 984,949 properties

The typical home stayed on market for 43 days (up 6 days from last year)

Share of homes selling above list price declined to 25.1% (down from 28% last year)

Buyer Activity Mortgage purchase applications increased 9% for the week ending April 4 (seasonally adjusted)

Property touring activity up 39% since the beginning of 2025, compared to 32% increase at the same point last year

Google searches for "home for sale" increased 10% from a month ago and 10% year-over-year

Regional Developments

Midwest Cleveland leads the nation with a 12% year-over-year increase in median sale price, followed closely by Milwaukee at 10.7%

Indianapolis experienced the largest price decline nationally, with median sale prices dropping 4.4% year-over-year

Northeast Newark, NJ showed strong price appreciation at 8.8% year-over-year

In NYC, more than half of the 15 Manhattan office properties sold in Q1 are slated for residential conversion as developers adjust to persistent office vacancy challenges

South Jacksonville, FL saw prices decline 3.3% year-over-year, the second-largest drop nationally

West Development activity in NYC is expected to accelerate due to Midtown South rezoning and tax incentives like 485-x and 467-m, which are driving conversion projects through 2026

Sources

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