Essex County October Housing Report 10/16/2023
Inflation Remains Hot
Consumer Price Index (CPI) rose +0.4% in September and +3.7% for 12 months. Prices were driven by rising shelter and gasoline prices. Core Inflation (CPI less food and energy) rose +0.3% in September and +4.1% for 12 months, well above the Federal Reserve goal of 2%
30 Year Mortgage Rates Today Were 7.80% (Mortgage News Daily)
Geopolitical problems and restrictive Federal Reserve policy adds pressure to interest rates.
Buyer Upside: Much less competition and buyers can refinance when rates fall.
Record low inventory keeps home pricing firm in spite of high rates
- To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
- To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports
