Reef Daily | November 23 2024

Housing Market Update

Latest Market Data (November 23, 2024)

Weekly inventory has decreased from 722,032 to 719,055 homes, showing continued tightening of supply. This represents significantly higher inventory than the same period last year when levels were at 565,875.

New listings showed improvement with 53,220 properties added last week, compared to 48,587 in 2023.

Price reductions remain stable at 39.1% of listings, nearly identical to last year's 39%.

Mortgage Rates

Current rates as of November 23, 2024:

30-year Fixed: 7.048%

15-year Fixed: 6.397%

30-year VA: 6.84%

Future Forecasts
Fannie Mae has revised their forecast, now predicting 30-year mortgage rates will decrease to 6.30% by the end of 2025, adjusting previous expectations of rates dropping into the 5% range.

Notable Transactions

Commercial Highlights
QualFlex Technologies has leased 79,380 square feet of industrial space in Spartanburg.

KM Fabrics Inc. acquired 157,224 square feet at 105 Wood St, Greenville.

Regional Activity
Southeast: SC Korbiz LLC (dba MOA Korean BBQ) secured 6,000 square feet of space in Greenville.

Market Indicators

Inventory Trends
The 2024 inventory peak has been established at 739,434 listings, with current levels showing seasonal decline.

Price Trends
The percentage of homes with price cuts remains elevated at 39.1%, reflecting continued price adjustments in response to market conditions.

Regional Developments

South
Significant leasing activity in the Greenville-Spartanburg market, with multiple industrial and retail transactions closing in the past 24 hours.

Sources/Further Reads:
[1] How are mortgage rates affecting housing demand?
[2] Current Mortgage Rates: November 22, 2024 | Money
[3] Dealmakers: Notable commercial real estate transactions — April-June 2024 - UPSTATE BUSINESS JOURNAL
[4] Festive Season 2024: Over Rs 1000 cr sales! Mumbai's property market soars 22% YoY - - Real Estate | ET Now
[5] 100 Feet Road in Bengaluru’s Indiranagar tops Asia Pacific region for retail rental growth: Report | Bangalore News - The Indian Express
[6] Today's Mortgage Rates | Rates Hold Steady as Markets Wait for More Data