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

Essex County December Housing Report 12/23/2023

Federal Reserve Took A More Dovish Posture and Rates Dropped:

At the December 13, 2023 Federal Reserve Policy Statement and News

Conference, the Fed indicated 3 Rate Cuts in 2024 even though the Consumer

Price Index Core Inflation was still running at 4%, twice the Fed’s goal of 2%. 30

year Mortgage Rates fell from 7.09% on 12/12/2023 to 6.62% on 12/14/2023.

Since 10/19/ 2023, 30 Year Mortgage Rates have fallen from 8.03% to 6.68% on

12/22/2023. As 92% of all outstanding mortgages are 6% or less and 82% are

5% or less, the housing market should improve substantially if the 30 year

mortgage rates drop below 6% as more sellers will list their properties For Sale.

• 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

• 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

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