Essex County July Housing Report 7/13/2022 

Year Over Year, June 2022 vs June 2021, Home Prices (Singles + Condos) continued to rise, but at a more modest pace.  Both the number of Unit Sales and Active Listings declined. 

Rising month over month active listings were offset by rising month over month unit sales and the Current Months of Inventory remains very low, 1 month, for both singles and condos.   

30 year mortgage rates surged to 6.28% within the past three week but have settled back to 5.71%.  The Federal Reserve is expected to raise the Federal Funds Rate by 0.75% - 1% shortly as the Federal Reserve fights inflation. This will dampen housing demand and slow the rate of price increases.

Bottom line, the Sellers’ Market remains intact as inventory remains at an extremely low level.  However, home price increases are slowing down as rising mortgage rates take effect.  

Month Over Month, May 2022 vs April 2022, 

• Median Sold Prices:
  Single Families +3.4%;  Condos +1.1%;  Multi-Families  -10.7%
• Unit Sales:
  Single Families +34.8%, Condos +0.4%, Multi-Families +26.7%
• Active Listings:
  Single Families +19.3%, Condos +10.4%, Multi-Families +8.4% 
• Current Months of Inventory:
  Single Families 1.0, Condos 1.0, Multi-Families 2.0.

Year Over Year, May 2022 vs May 2021

• Median Sold Prices: 
  Single Families +5.4%; Condos +12.8%;  Multi-Families +6.2% 
• Unit Sales:
  Single Families -7.2% , Condos -21.8%, Multi-Families -32.1%.
• Active Listings:
  Single Families -6.0%; Condos -32.6%; Multi-Families -16.2% 
• Months of Inventory:
  Single Families -0.0%, Condos -9.1%, Multi-Families 25.0%.

• 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