Essex County Housing Report 10/15/2024

Essex County Housing Report 9/11/2024  

Mortgage Rates Fell to 6.11% today on expectation that Federal Reserve will cut interest rates this month.

Inflation still running hot. The August CPI Report, (Consumer Price Index),  9-11-2023: 12 month inflation for August rose 2.5% which was down from 2.9% for the 12 months ending July 2024. 12 month Core Inflation (all items less food and energy) was up 3.2%, the same as July. The Federal Reserve’s target is 2%. August Monthly CPI rose 0.2% which was the same as the prior month. August Monthly Core Inflation rose 0.3% which was higher than 0.2% in July.

August Median Sold Prices rose for Single Families and Condos both year over year and month over month. Multi-Family prices rose year over year but declined month over month.

Low inventories (1.4 Months for Single-Families and 1.5 Months for Condos) continue to support housing prices with not much relief in sight as 82% of 30 year mortgags outstanding are below 5%.

• To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
  
  
• To Download the full housing report go to:  http://sullivanteam.com/pages/EssexCountyHousingReports
  
  
  

Essex County Housing Report 8/19/2024  

Mortgage Rates Fell Below 7% on July 10, 2024 and are Now 6.56% on Improving CPI Reports (Consumer Price Index) 

12 month Inflation still running too hot. July CPI was 2.9% and Core Inflation was 3.2%, above the Federal Reserve’s target of 2%.

However, the CPI Trend is down causing investors to push rates down in anticipation of a Federal Reserve Rate Cut in September, definitely a boost for Invenstment Properties. 

Low inventories (1.7 Months for Single-Families and 1.4 Months for Condos) continue to support housing prices with not much relief in sight as 82% of 30 year mortgags outstanding are below 5%.

• To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
  
  
• To Download the full housing report go to:  http://sullivanteam.com/pages/EssexCountyHousingReports
  

Essex County Housing Report 7/19/2024

Both Single-Family and Condo Unit Sales and Active Listings  rose from May through June.
Single-Family prices also rose 5.6% from May, but condo prices fell 4.2%.  
2-4 Unit Multi-Familiy / Investment properties continue to strugle with high interest rates as investors seek high capitalizaton rates (7.5% - 9%)

Mortgage Rates dropped to 6.89% today (Mortgage News Daily) on improving CPI Report (Consumer Price Index).  Althought 12 month CPI and Core Inflatioin were 3% and 3.3% respectively, well above the Federal Reserve's target of 2%, monthly CPI fell -0.1% and Core Inflatioin rose only +0.1%, stimulating a bond market rally.  

Low inventories (1.7 Months for Single-Families and 1.4 Months for Condos) continue to support housing prices with not much relief in sight as 82% of 30 year mortgags outstanding are below 5%.

• To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
  
  
• To Download the full housing report go to:  http://sullivanteam.com/pages/EssexCountyHousingReports
  

Essex County May Housing Report 6/27/2024

May Spring Market Sales continued at a strong pace, Inflation improved sligtly in May and Mortgage Rates remain above 7%

May single-family and condo sales rose 56.0% and 16.5% respectively from April 2024 and also rose 19.7% and 6.5% respectively from a year ago.  Inflation is still running too hot.  12 month CPI (Consumer Price Index) rose 3.3% in May and Core Inflation rose 3.4%, well above the Federal Reserve’s 2% target. The good news was the monthly CPI inflation rose 0% and Core Inflation rose +0.2% in May. 
30 year fixed rate mortgage is now 7.06% per Mortgage News Daily.

Record low inventories continue to support housing prices with not much relief insight

Interest rates remain above 7% discouraging potential sellers with existing low mortgage rates to sell their homes and move.

• To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
  
  
• To Download the full housing report go to:  http://sullivanteam.com/pages/EssexCountyHousingReports
  

Essex County April Housing Report 5/20/2024

Spring Market sales continued at a strong pace, Inflation improved slightly in April and Mortgage Rates remain above 7%.

April single-family and condo sales rose 19.6% and 16.6% respectively from March 2024 and also rose 1.2% and 33.1% respectively from a year ago.  Inflation is still running too hot.  12 month CPI (Consumer Price Index) rose 3.4% in April and Core Inflation rose 3.6%, well above the Federal Reserve’s 2% target. The good news was the monthly inflation rate fell from 0.4% to 0.3% for both the CPI and Core Inflation.  

30 year fixed rate mortgages now 7.10%, Mortgage News Daily.

Record low inventories continue to support housing prices with not much relief insight

Interest rates remain above 7% discouraging potential sellers with existing low mortgage rates to sell their homes and move.

• To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
  
  
• To Download the full housing report go to:  http://sullivanteam.com/pages/EssexCountyHousingReports
  
  

Essex County March Housing Report 4/13/2024

Spring Market is off to a good start with a strong rebound from Feb 2024!

Inflation rose for the third consecutive month. Mortgage rates above 7%. It is unlikely the Federal Reserve will lower interest rates in the near term.

The Consumer Price Index (CPI) and CPI Core Inflation (CPI less food and energy) Indexes both rose in March by 0.4%.  Increase was mostly caused by a 0.4% increase in Shelter (housing costs) and a 1.1% increase in Energy costs.
Annual CPI rose 3.5% and Core Inflation rose 3.8%, almost twice the Federal Reserve’s goal of 2% making interest rate cuts unlikely.

30 year fixed rate mortgages now 7.30%, Mortgage News Daily.

Record low inventories continue to support housing prices with not much relief insight

Interest rates remain above 7% discouraging potential sellers with existing low mortgage rates to sell their homes and move.

• To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
  
  
• To Download the full housing report go to:  http://sullivanteam.com/pages/EssexCountyHousingReports
  
  
  

Essex County March Housing Report 3/15/2024

Inflation continued to rise in February keeping mortgage rates above 7%. 
It’s unlikely the Federal Reserve will lower interest rates in the near term.

The Consumer Price Index (CPI) and CPI Core Inflation (CPI less food and

energy) Indexes both rose in February by 0.4%. This increase was mostly

caused by a 0.4% increase in Shelter (housing costs) and a 2.3% increase in

Energy costs. Annual CPI rose 3.2% and Core Inflation rose 3.8%, almost twice

the Federal Reserve’s goal of 2%. This dampens the Federal Reserve’s

motivation to lower interest rates in the near term. 30 year fixed rate mortgages

today were 7.09% per Mortgage News Daily.

Record low inventories continue to support housing prices with not much relief in

sight as interest rates remain above 7% discouraging potential sellers with

existing low mortgage rates to sell their homes and move.

• To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
  
  
• To Download the full housing report go to:  http://sullivanteam.com/pages/EssexCountyHousingReports
  
  
  

Essex County February Housing Report 2/14/2024

Inflation continued to rise in January pushing mortgage rates above 7%. 
It’s unlikely the Federal Reserve will lower interest rates in the near term.   

The Consumer Price Index (CPI) and CPI Core Inflation (CPI less food and energy) Indexes rose in January by 0.3% and 0.4% respectively. This increase was mostly caused by a 0.6% increase in Shelter (housing costs) and a  0.4% increase in Food.  Annual CPI rose 3.1% and Core Inflation rose 3.9%, almost twice the Federal Reserve’s goal of 2%. This dampens the Federal Reserve’s motivation to lower interest rates in the near term.  30 year fixed rate mortgages today were 7.09% per Mortgage News Daily.  

• To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
  
  
• To Download the full housing report go to:  http://sullivanteam.com/pages/EssexCountyHousingReports

Essex County January Housing Report 1/12/2023

Federal Reserve Will Likely Slow Their Drop In Interest Rates due to the

December Rise in Both the Consumer Price Index and Core Inflation

Both the CPI and CPI Core Inflation Indexes rose by 0.3% in Dec.  Annual CPI rose by

3.4% and Core Inflation rose by 3.9%, almost twice the Federal Reserve’s goal of

2%.  30 year fixed rate mortgages today are 6.69% per Mortgage News Daily.

Bottom Line for Singles Families, Condos and Multi-Family:

Record low inventories continue to support housing prices, although there was a

softening in single family prices when comparing December to November 2023,

but both condos and multi-families had modest price increases.

• To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
  
  
• To Download the full housing report go to:  http://sullivanteam.com/pages/EssexCountyHousingReports