The FTSE Nareit All Equity REIT Index chalked up a total return of about 2.3% for 2025, well below the 17.9% of the S&P 500.
Fed Outlook
Fed officials now see rates falling from their current range of 3.5% to 3.75% by a quarter of a point this year, which would leave rates roughly at “neutral,” neither restricting nor stimulating growth.
The Permian
The number of operating rigs in the Permian Basin is down 14% over the past year.
Mortgage Rates
Mortgage rates drop to lowest level in nearly 3 years as Trump orders buying of $200 billion in mortgage bonds.
2025 Economy
In 2025, job creation sputtered, wage growth cooled and the unemployment rate rose. Much of the job creation that took place in 2025 was concentrated in two sectors: education and health services.
Home Prices
Home prices are up more than 50% nationally since 2019, and the median existing-home price in November rose to $409,200. Home buying overall has dwindled over the past three years due to high home prices and the surge in mortgage rates.
Venture Capital Fundraising
Fundraising for U.S. venture-capital firms dropped 35% in 2025, the most anemic stretch in at least six years, with money flowing primarily to the most trusted investment firms as companies stay private longer. The $66 billion raised last year represents a 70% drop from the 2022 record.
Consumer Sentiment
The consumer sentiment index, which started the year at 71.7, ended it at 52.9.
Condo Prices
U.S. condominium prices experienced their largest annual decline since 2012, falling 1.9% from a year ago. Over 10% of condos had a lower estimated value in November than their last sale price, with some metro areas seeing over 25%. Rising homeowner-association fees, higher insurance premiums, and maintenance costs are making condominium purchases less affordable.
Mega Deals
There were a record 68 transactions valued at $10 billion or more announced globally in 2025. That drove the average annual deal size to a new high of nearly $227 million.