Weekly Market Observations - January 29, 2025

Here’s Our Weekly Market Observations :

Economy

↓Inflation cools with December CPI coming in below expectations at 3.2%

↑December jobs report better than expected with 256k jobs added

Housing Sales

↓ Home resales in 2024 drop to a near 30 year low

↑ December resales up 4.2% MOM and 9.3% YOY

↑December resale prices up 6% YOY to $404,400

↑December existing home inventory increased from 3.1 to 3.3 months

Housing Construction (in 2024)

↑ Home construction costs reached a record high

↑ Total new housing starts decreased 3.9%

↑ Single-family starts increased 6.5%

↑ Single-family completions up 2.2%

↑ Multifamily starts dropped 25%

↑Multifamily completions up 35%

Mortgage

↓ Average 30-year fixed mortgage: 6.96%