Company: ADAMM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001273685-25-000047
Chunk: 173

Company: ADAMAS TRUST, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 173
---
.2% month-over-month, down 1.2% year-over-year. NAR also reported that the median existing-home sales price for all housing types in February 2025 was $398,400, up 3.8% from $383,800 in February 2024. However, the residential real estate market has shown some preliminary signs of potential moderation. NAR notes that total housing inventory as of the end of February 2025 was up 17% year-over-year and that the supply of unsold housing inventory sat at 3.5 months as of the end of February 2025, up 3.0 months from February 2024. Additionally, according to Zillow Economic Research, the inventory of available homes at the end of March 2025 amounted to the most homes available in March since 2020. However, relatively elevated interest rates continue to contribute to affordability challenges for home buyers. According to Freddie Mac, the weekly average 30-year fixed-rate mortgage was 6.83% as of April 17, 2025, down 0.27% year-over-year. According to data provided by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, privately-owned housing starts for single-family homes averaged a seasonally adjusted annual rate of 1,012,333 for the three months ended March 31, 2025, as compared to 1,013,583 for the twelve months ended December 31, 2024. Declining single-family housing fundamentals may adversely impact the overall credit profile and value of our existing portfolio of single-family residential credit investments and the value of our single-family rental properties, as well as the availability of certain of our targeted assets.

Rental Housing. According to data provided by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, starts on multi-family homes containing five or more units averaged a seasonally adjusted annual rate of 359,333 for the three months ended March 31, 2025, as compared to 336,167 for the twelve months ended December 31, 2024. According to RealPage Analytics, effective rents for professionally managed apartments grew 1.1% for the twelve months ended March 2025, which marked the highest such twelve month growth since June 2024, but RealPage Analytics noted that this rent growth was not uniform nationwide and that effective rents in the Southeast and Texas, where oversupply conditions remain challenging and where a