Essex County August Housing Report 8/10/2022

Rising Home Prices and Mortgage Rates Impacted July Home Sales (condos & singles).

July Unit Sales dropped 16.7% for Singles and 24.9% for Condos from June 2022 and prices also weakened as the public copes with both rising prices and mortgage rates in spite of declining Active Listings. Consequently, the current Months of Inventory in July rose 18.2% to 1.3 months for Singles and rose 40% to 1.4 months for Condos. This is still extraordinarily low as a balanced market is 6 months of inventory. July Home Prices rose 1.2% from June 2022 for Singles but fell 2.3% for Condos.

30 year conforming mortgage rates today are 5.13%, down significantly from the June High of 6.28%.

Bottom line, there are signs of buyer resistance which usually precedes a market shift to a more balanced market.

          Month Over Month, July 2022 vs June 2022

• Median Sold Prices:


  Single Families +1.2%; Condos -2.3%; Multi-Families +0.3%

• Unit Sales: â€¨

  Single Families -16.7%, Condos -24.9%, Multi-Families +13.0%

• Active Listings:


  Single Families -5.8%, Condos -2.2%, Multi-Families -15.0%

• Current Months of Inventory: â€¨

  Single Families 1.3, Condos 1.4, Multi-Families 1.6.

  Year Over Year, July 2022 vs July 2021

• Median Sold Prices: â€¨
  Single Families +12.4%; Condos +14.7%; Multi-Families +4.1%

• Unit Sales:

  Single Families -16.1% , Condos -26.9%, Multi-Families -8.4%.

• Active Listings:

  Single Families -3.3%; Condos -28.2%; Multi-Families -31.1%

• Change in Months of Inventory:

  Single Families +8.3%, Condos +0%, Multi-Families -27.3%.
 

  Terry Sullivan