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

Mortgage Rate Projections for 2025

Key factors that effect rates:

1. Inflation: If inflation cools, rates could dip a bit more. On the flip side, if inflation rises or remains stubbornly high, rates may stay elevated longer.

2. Unemployment Rate: The unemployment rate also plays a significant role in upcoming decisions by the Federal Reserve (the Fed). And while the Fed doesn’t set mortgage rates, their actions do reflect what’s happening in the greater economy, which can have an impact.

3. Government Policies: With the next administration set to take office in January, fiscal and monetary policies could also affect how financial markets respond and where rates go from here.

Excellent reason to own your own home!  Strong Price Appreciation.

Essex County Housing Report 11/15/2024

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
  
  
  

Essex County Housing Report 8/19/2024  

Mortgage Rates Fell Below 7% on July 10, 2024 and are Now 6.56% on Improving CPI Reports (Consumer Price Index) 

12 month Inflation still running too hot. July CPI was 2.9% and Core Inflation was 3.2%, above the Federal Reserve’s target of 2%.

However, the CPI Trend is down causing investors to push rates down in anticipation of a Federal Reserve Rate Cut in September, definitely a boost for Invenstment Properties. 

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
  

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
  

Essex County May Housing Report 6/27/2024

May Spring Market Sales continued at a strong pace, Inflation improved sligtly in May and Mortgage Rates remain above 7%

May single-family and condo sales rose 56.0% and 16.5% respectively from April 2024 and also rose 19.7% and 6.5% respectively from a year ago.  Inflation is still running too hot.  12 month CPI (Consumer Price Index) rose 3.3% in May and Core Inflation rose 3.4%, well above the Federal Reserve’s 2% target. The good news was the monthly CPI inflation rose 0% and Core Inflation rose +0.2% in May. 
30 year fixed rate mortgage is now 7.06% per Mortgage News Daily.

Record low inventories continue to support housing prices with not much relief insight

Interest rates remain above 7% discouraging potential sellers with existing low mortgage rates to sell their homes and move.

• 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
  

Essex County April Housing Report 5/20/2024

Spring Market sales continued at a strong pace, Inflation improved slightly in April and Mortgage Rates remain above 7%.

April single-family and condo sales rose 19.6% and 16.6% respectively from March 2024 and also rose 1.2% and 33.1% respectively from a year ago.  Inflation is still running too hot.  12 month CPI (Consumer Price Index) rose 3.4% in April and Core Inflation rose 3.6%, well above the Federal Reserve’s 2% target. The good news was the monthly inflation rate fell from 0.4% to 0.3% for both the CPI and Core Inflation.  

30 year fixed rate mortgages now 7.10%, Mortgage News Daily.

Record low inventories continue to support housing prices with not much relief insight

Interest rates remain above 7% discouraging potential sellers with existing low mortgage rates to sell their homes and move.

• 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