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Essex County Housing Report 8/19/2024

Essex County Housing Report 8/19/2024  

Mortgage Rates Fell Below 7% on July 10, 2024 and are Now 6.56% on Improving CPI Reports (Consumer Price Index) 

12 month Inflation still running too hot. July CPI was 2.9% and Core Inflation was 3.2%, above the Federal Reserve’s target of 2%.

However, the CPI Trend is down causing investors to push rates down in anticipation of a Federal Reserve Rate Cut in September, definitely a boost for Invenstment Properties. 

Low inventories (1.7 Months for Single-Families and 1.4 Months for Condos) continue to support housing prices with not much relief in sight as 82% of 30 year mortgags outstanding are below 5%.