Company: ADAMM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001273685-25-000072
Chunk: 112

Company: ADAMAS TRUST, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 112
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 the first half of 2025, the residential real estate market remained competitive for home buyers. Data released by the S&P Dow Jones Indices for their S&P CoreLogic Case-Shiller National Home Price NSA Indices for June 2025 showed that, on average, home prices increased 3.4% for the 20-City Composite over June 2024. Additionally, according to the National Association of Realtors (“NAR”), existing home sales in May 2025 increased 0.8% month-over-month, but decreased 0.7% year-over-year. NAR also reported that the median existing-home sales price for all housing types in May 2025 was $422,800, up 1.3% from $417,200 in May 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 May 2025 was up 20.3% year-over-year and that the supply of unsold housing inventory sat at 4.6 months as of the end of May 2025, up 3.8 months from May 2024. Additionally, according to Zillow Economic Research, the inventory of available homes at the end of May 2025 amounted to the most homes available in May 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 6.75% as of July 17, 2025, down 0.02% 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 919,000 and 967,167 for the three and six months ended June 30, 2025, respectively, as compared to 1,015,917 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 387