Essex County March Housing Report 3/15/2024
Inflation continued to rise in February keeping mortgage rates above 7%.
It’s unlikely the Federal Reserve will lower interest rates in the near term.
The Consumer Price Index (CPI) and CPI Core Inflation (CPI less food and
energy) Indexes both rose in February by 0.4%. This increase was mostly
caused by a 0.4% increase in Shelter (housing costs) and a 2.3% increase in
Energy costs. Annual CPI rose 3.2% and Core Inflation rose 3.8%, almost twice
the Federal Reserve’s goal of 2%. This dampens the Federal Reserve’s
motivation to lower interest rates in the near term. 30 year fixed rate mortgages
today were 7.09% per Mortgage News Daily.
Record low inventories continue to support housing prices with not much relief in
sight as 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
