Housing Report July 2025, 8/26/2025
Bottom Line: Nationally - Market is slowing down
Nationally, the U.S. housing market is showing signs of a slowdown as affordability remains a widespread challenge. Price growth is sluggish, rising only 1.9% year over year and declining 0.3% month over month; inventory is growing and months of inventory is now 4.6 month; houses are staying on the market longer, an average of 58 days; and price cuts remain prevalent with over 20% of active listings having a price reductions in June and July.
Bottom Line: Essex County - Housing Demand is moderating as prices rise.
From June to July, Single Family median sold prices and units sold fell and days on market rose. Condo sold prices were flat, unit sales fell and days on market rose. Year over year Single Family and Condos prices rose but unit sales fell for condos and days on market increased for both. Inventory remains low, 1.6 months for Single Family and 2.5 months for Condos, giving sellers an advantage. Happily, the Federal Reserve indicated a rate cut in September which indirectly helps mortgage rates.
30 year Mortgage rate for July averaged 6.72%. Today’s mortgage rate is 6.52% (Mortgage News Daily).
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
