Essex County Housing Report 11/15/2024
30 Year Mortgage Rates are 7.05% per Mortgage News Daily.
Housing Inventory is still very low: Single Family 1.8 months, Condos 1.7 months. A balanced
market is 6 months of inventory.
Inflation running hotter than expected which impacts Future Federal Reserve Rate Cuts:
October 2024 Consumer Price Index Report (CPI), 11-13-2024:
12 month CPI inflation rose 2.6% and Core Inflation (all items less food and energy) rose 3.3%. The Federal Reserve’s target is 2%. October 2024 Monthly CPI rose +0.2% and Monthly Core Inflation rose +0.3%.
Single Family & Condo Median Prices and Units Sold Rose Month over Month and Year over Year as Inventory remained very low.
- 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
