Essex County Housing Report December, 12/20/2024
Inflation trended higher for the past 3 months keeping mortgage rates high. Today’s 30 Year Mortgage Rate is 7.04% per Mortgage News Daily.
November’s 2024 Consumer Price Index Report
12 month CPI inflation rose 2.7% and Core Inflation (all items less food and energy) rose 3.3%. The Federal Reserve’s target is 2%. November 2024 Monthly CPI rose +0.3% and Monthly Core Inflation rose +0.3%.
Price Changes and Unit Sales:
For Single Families and Condos, Year over Year Sold Prices rose modestly, but Unit Sales fell slightly. However, both Month over Month Sold Prices and Units Sales fell as mortgage rates remained high and inventory remained low.
Mortgage Rate Outlook - Follow the 10 Year Treasury Note:
Mortgage Rates tend to follow the direction of the 10 Year Treasury Note which is impacted by inflation expectations and the cost to finance our National Debt which is a record high $36 Trillion. Mortgage rates are not expected to drop much in 2025.
To view data for every Essex County town,
- 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
