Essex County Housing Report 7/19/2024

Both Single-Family and Condo Unit Sales and Active Listings  rose from May through June.
Single-Family prices also rose 5.6% from May, but condo prices fell 4.2%.  
2-4 Unit Multi-Familiy / Investment properties continue to strugle with high interest rates as investors seek high capitalizaton rates (7.5% - 9%)

Mortgage Rates dropped to 6.89% today (Mortgage News Daily) on improving CPI Report (Consumer Price Index).  Althought 12 month CPI and Core Inflatioin were 3% and 3.3% respectively, well above the Federal Reserve's target of 2%, monthly CPI fell -0.1% and Core Inflatioin rose only +0.1%, stimulating a bond market rally.  

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%.

• 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