Essex County Housing Report March 2025, 4/28/2025

Bottom Line:

Inflation continues to trend lower. March CPI (Consumer Price Index) fell -0.1% which was a substantial drop from +0.2% increase in February. Core Inflation, CPI less food and energy, rose +0.1% in March down 50% from +0.2% in February. 12 month CPI was +2.4% and Core Inflation was +2.8%.

30 year Mortgage rate for March averaged 6.7%. Today’s mortgage rate is 6.82% (Mortgage News Daily).

March unit sales did picked up for Singles, Condos, and 2-4 unit Multies from a frigid cold February but sales were mixed when compared with March 2024. Median Prices did rise from both February and March last year for Singles and Condos, but Multi-Families had mixed results as unit sales remained below 45 sales a month.

The market still favors sellers as inventory remains low because 30 years mortgage rates are 6.7% to 7.1% while 73.3% of outstanding 30 mortgages are below 5%.

 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