Inflation continues to slow, but remains well above the Federal Reserve’s target of 2%. Federal Reserve will continue its anti-inflationary policies. December CPI (Consumer Price Index) fell to 6.5% from 7.1% in November. Core Inflation, all items index less food and energy, was 5.7%

Mortgage Rates are trending down; Conforming 30 Year Fixed now 6.09%.

Bottom Line:

Housing, Single Families and Condos, sales activity continues to slow as the Fed fights inflation. December Year over Year: Sold Price increases slowed, +2.8%, Units Sales fell -32.5%, Active Listings fell -6.5%.

Month Over Month, December 2022 vs November 2022

• Median Sold Prices:


  Single Families -10%; Condos -.01%; Multi-Families -3%

• Unit Sales: 


  Single Families -8.4%, Condos -24.2%, Multi-Families -5.7%

• Active Listings:


  Single Families -30.1%, Condos -19.9%, Multi-Families -27.9%

• Current Months of Inventory: 


  Single Families 1.3, Condos 1.6, Multi-Families 2

  Year Over Year, December 2022 vs December 2021

• Median Sold Prices: 

  Single Families -2.5%; Condos +13.4%; Multi-Families -1.5%

• Unit Sales:

  Single Families -27.9% , Condos -41.9%, Multi-Families -55%.

• Active Listings:

  Single Families -2.1%; Condos -14.3%; Multi-Families -7.3%

• Change in Months of Inventory:

  Single Families +44.4%, Condos +45.5%, Multi-Families +100%.
 

  Terry Sullivan

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  • To view data for every Essex County town, go to:  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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