Real Estate Market + Deal Recap August 19 2025

Market StatsRates: Mortgage rates eased slightly, with the 30-year fixed at 6.58% and the 15-year at 5.71% (lowest since Oct. 2024).Demand: Mortgage applications rose 10.9% week-over-week, with refis up 23% and purchases up 1% weekly / 17% yearly. Adjustable-rate mortgages now make up nearly 10% of activity.Supply: New listings climbed 6.4% y/y and active inventory is up 22% y/y to ~1.1M homes. Homes are spending longer on the market (6 extra days vs. last year), and median list prices are flat.Macro backdrop: July CPI came in at +2.7% y/y, with shelter costs still rising modestly (+0.2% m/m). Inflation trends keep the Fed cautious, but falling rates are starting to stir buyer demand.Outlook: Buyers gain modest affordability relief, while sellers face more competition. Expect a late-summer market leaning toward balance as supply builds.Stamford, CT: A waterfront estate sold for $9M, setting a city record.Miami (Brickell): Adam Neumann’s Flow acquired land for a 1,900+ unit mixed-use project (residential, retail, office, hotel).NYC – Midtown:Naftali Group bought 800 Fifth Ave., a 33-story rental tower, for $810M with plans to convert it to condos.RXR Realty acquired the IBM building at 590 Madison Ave. for $1.08B, securing Apollo as a key tenant.NYC – Central Park: Saudi Arabia’s Public Investment Fund (PIF) invested $600M+ in a Midtown site with Related Cos., planning a $1B skyscraper.London/UK: L&G and Federated Hermes merged property funds into a £4.7B ($6.37B) portfolio.UK Student Housing: Unite Group agreed to acquire Empiric Student Property in a £723M deal.San Francisco: Fortress and others are returning to multifamily after steep price corrections; Q1 saw $363M in trades (triple last year).Houston: One City Centre office tower will be converted into 553 apartments in a $26.5M redevelopment.Blackstone: Acquired $2B in CRE loans from Atlantic Union, doubling down on distressed debt opportunities.The U.S. housing market is stabilizing with more inventory and early signs of stronger buyer activity as rates edge lower. On the investment side, mega-deals in Manhattan, foreign capital in NYC, CRE loan acquisitions, and adaptive reuse projects in Houston show that capital is still chasing opportunity, even in a market under pressure. Residential remains anchored by record-setting trophy sales and large-scale development bets in Miami.Major Residential DealsMajor Commercial Real Estate DealsTakeaway