Essex County Housing Report May 2025, 6/25/2025

Bottom Line:Consumer Price Index (CPI) continues to improve which will translate into lower interest rates.

May’s 12 Month CPI rose 2.4% and CORE Inflation (CPI less food and energy) rose 2.8%. 
Monthly CPI and Monthly CORE Inflation each rose only 0.1%.  
30 year Mortgage rate for May averaged 6.89%.  Today’s mortgage rate is 6.79% (Mortgage News Daily). 

As we moved into our selling season, Units Sold and Median Sold Price rose both year over year and month over month for Single Families, Condos and 2-4 Unit Multi-families.  As expected, inventory also rose for these same property types.  The market still favors sellers as inventory remains around 2 months. A  balanced market has 6 months of inventory.

 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