Essex County March Housing Report 4/14/2023

The March Banking Crises has subsided and the lingering effect is reduced availability of commercial loans. Inflation continues to decline and the 30 year conforming mortgage rate per Mortgage News Daily, now 6.5%, will likely drift lower particularly if the Federal Reserve tempers its rate increases if we enter a mild recession later this year, likely the 3rd and 4th quarters.

Today’s Bottom Line for Singles and Condos:
Both units sales (+ 35.7%) and prices (+ 9%) surged from February to March as we entered the Spring Market and inventory remained tight. March Year Over Year prices rose +7.3% but units sales fell -9.4% from last year.

Multi-Families: Both units sales (-23.2%) and prices (-7.4%) fell Year Over Year. Prices also fell -1.5% from Feb to March but unit sales rose +10.3%.