Essex County Housing Report April 2025, 5/23/2025

Bottom Line:

April Consumer Price Index (CPI) came in lower than expected. 12 Month CPI rose 2.3% and CORE Inflation (CPI less food and energy) rose 2.8%. Monthly CPI rose 0.2% and monthly CORE Inflation also rose 0.2%. .

30 year Mortgage rate for April averaged 6.82%. Today’s mortgage rate is 7.02% (Mortgage News Daily).

April Single-Family, Condo and 2-4 Unit Multi-Family Unit Sales and Active Listings rose from March, 2025. However Median Prices only rose for Single-Family but fell for Condo and 2-4 Unit Multi-Family.

The market still favors sellers as inventory remains low, at and below 2 months, as 30 year mortgage rates remain in the 6.8% to 7.1% range while 73.3% of outstanding 30 mortgages are below 5%. A balanced market has 6 months of inventory.

 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