Essex County Housing Report January 14, 2022
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
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Median Sold Prices:

Single Families -10%; Condos -.01%; Multi-Families -3%
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Unit Sales: 

Single Families -8.4%, Condos -24.2%, Multi-Families -5.7%
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Active Listings:

Single Families -30.1%, Condos -19.9%, Multi-Families -27.9%
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Current Months of Inventory: 

Single Families 1.3, Condos 1.6, Multi-Families 2
Year Over Year, December 2022 vs December 2021
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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
- 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
- To view data for every Essex County town, go to: http://www.sullivanteam.com/Properties/Reports/Public/Charts.php