April 15 2025

Reef Daily

Reef Daily | April 15 2025

Latest Market Data (April 15, 2025)

US median asking home price has surged 6.3% year-over-year to a record $424,985, approximately $50,000 higher since the start of 2025
Median sale price rose by 3.0% year-over-year to $383,750
National average rent for March 2025 was $1,575 per month for a one-bedroom apartment and $1,835 for a two-bedroom, with a modest year-over-year increase of 1.1%
Affordability gap continues to widen with Americans needing to earn $116,633 annually to afford the median-priced home for sale, which is 81.8% more than the $64,160 needed to afford a typical rental apartment

Commercial Highlights

AT&T completed the sale of its 28-story, 584,000-square-foot downtown St. Louis office tower to Reign Capital for $19.4 million as part of a larger 74-property portfolio sale that generated over $850 million in proceeds
Regional Health Properties and SunLink Health Systems announced an amended merger agreement today, structured as an all-stock transaction that will create a combined healthcare real estate entity headquartered in Atlanta
Marcus & Millichap brokered the sale of The Courtyard Townhomes at Palm Trail, a 12-unit residential community in Delray Beach, Florida, to a 1031 exchange buyer who closed all-cash in approximately 45 days

Regional Activity

Northeast: Philadelphia Housing Authority is fielding increasing offers from multifamily property owners with upcoming loan maturities looking to sell their apartment buildings in off-market deals
South: Multiple residential transactions recorded in Mecklenburg County, NC with notable sales including a $1,645,000 property in The Peninsula area and a $1,087,000 new construction in Bailey's Forest
Midwest: Warren County, IL recorded several property transfers including a $1,025,793 commercial transaction in Monmouth and farmland sales of $575,000 and $56,000

Inventory Trends

Bay Area showing significant inventory growth with 48% more listings in the Inner East Bay year-over-year

Economic Indicators

Empire State Manufacturing Index and Import/Export Prices data released today
API Weekly Oil Stocks report scheduled for release at 4:30 PM today
Stock markets showing modest gains with the Dow Jones up 100 points (0.1%) and S&P 500 up 0.2% in early trading, amid ongoing US-China trade tensions
Federal Reserve speakers scheduled today: Barkin at 11:35 AM and Cook at 7:10 PM

West

Bay Area housing market shows continued strength despite tech sector layoffs
A Concord, CA property listed at $299,000 is employing a bidding strategy through USA Homebids platform, with actual market value expected around $550,000-$600,000 based on recent comparable sales

Midwest

St. Louis commercial real estate market sees significant activity with AT&T's sale of downtown tower as part of corporate real estate footprint reduction

Northeast

Philadelphia seeing increased activity from multifamily owners approaching the Philadelphia Housing Authority to sell apartment buildings through off-market deals, potentially indicating stress among property owners facing loan maturities

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