Reef Daily | November 26 2024
Housing Market Update
New home sales fell to 610,000 units (annualized) in October, below the consensus forecast of 730,000 and down from September's 738,000 rate.
U.S. house prices rose 4.3% between Q3 2023 and Q3 2024, with a 0.7% increase from Q2 2024. The strongest appreciation was seen in:
Hawaii: 10.4% annual increase
Delaware: 8.5% annual increase
Rhode Island: 8.4% annual increase
Regional Price Performance
The East North Central division recorded the strongest year-over-year appreciation at 6.8%, while the West South Central division saw the smallest gain at 1.6%. Among major metro areas:
Miami-Miami Beach-Kendall, FL led with 10.8% annual gain
North Port-Sarasota-Bradenton, FL saw the largest decline at -6.4%
Mortgage Rates
Current rates as of November 26, 2024:
30-year Fixed: 7.03%
15-year Fixed: 6.30%
5/1 ARM: 6.57%
Rates have increased across all loan types compared to last week. The 30-year fixed mortgage rose 7 basis points, while the 15-year fixed increased by 5 basis points.
Future Forecasts
Mortgage experts anticipate rates may continue trending upward in the coming weeks, particularly due to concerns about inflation persistence and uncertainty around Federal Reserve rate cuts.
Commercial Highlights
Magna Seating of America Inc. has leased 157,581 square feet of industrial space at 1201 Woods Chapel Road in Duncan.
Regional Activity
Southeast:
KM Fabrics Inc. purchased 157,224 square feet at 105 Wood St, Greenville
QualFlex Technologies leased 79,380 square feet of industrial space at 350 Tanner Price Way, Spartanburg
Market Indicators
Inventory Trends
House prices continued their upward trajectory as housing demand outpaced the locked-in housing supply, though price growth showed signs of moderation in Q3 2024.
Regional Activity
House prices rose in 49 states between Q3 2023 and Q3 2024, with only the District of Columbia (-3.1%) and Louisiana (-0.4%) recording declines.
Regional Developments
South
Multiple commercial transactions reported in South Carolina's Upstate region, including significant industrial and retail leases in Greenville, Spartanburg, and Duncan areas.
Sources/Read More:
HUD and Census Bureau Report New Residential Sales in September 2024
Rates increase | Today's mortgage rates for November 26, 2024
Dealmakers: Notable commercial real estate transactions — April-June 2024 - UPSTATE BUSINESS JOURNAL
Minimum Salary Changes Announced | Fragomen, Del Rey, Bernsen & Loewy LLP