Essex County Housing Report February 2025, 3/18/2025
Bottom Line:
Inflation, came in lower than expected. Feb CPI rose +0.2% which was a substantial drop from +0.5% in January. Core Inflation, CPI less food and energy, rose +0.2% in February down 50% from +0.4% in January. 12 month CPI was +2.8% and Core Inflation was +3.1%, still above the Federal Reserve’s target of 2%. 30 year Mortgage rate improved slightly and fell from the 7.1% level in January to a 6.8% level in February. Today’s mortgage rate is 6.78% (Mortgage News Daily).
Winter Seasonality and a bitter cold February suppressed single family and condo unit sales and sold prices and the number of active listings also fell from Jan 2025. 2-4 Family sales also fell double digit but prices edged up. Months of Inventory remains near record low levels indicating a shortage of housing units for sale: Inventory is: Single Family 2.1 months; Condos 1.9 months and 2-4 Families 2.2 Months. A balanced market is 6 months of inventory. Year over Year, February prices were mixed: Single Families prices fell -1.8% but Condos rose + 6.0% and 2-4 Unit Multi-Families rose +8.9%.
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
