Essex County Housing Report 10/15/2024

Essex County Housing Report 9/11/2024  

Mortgage Rates Fell to 6.11% today on expectation that Federal Reserve will cut interest rates this month.

Inflation still running hot. The August CPI Report, (Consumer Price Index),  9-11-2023: 12 month inflation for August rose 2.5% which was down from 2.9% for the 12 months ending July 2024. 12 month Core Inflation (all items less food and energy) was up 3.2%, the same as July. The Federal Reserve’s target is 2%. August Monthly CPI rose 0.2% which was the same as the prior month. August Monthly Core Inflation rose 0.3% which was higher than 0.2% in July.

August Median Sold Prices rose for Single Families and Condos both year over year and month over month. Multi-Family prices rose year over year but declined month over month.

Low inventories (1.4 Months for Single-Families and 1.5 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