RE/MAX balloon logo

RE/MAX Innovative Properties
2 Ash Street
Hollis, NH 03049

Karen R. Brown

Karen R. Brown
Licensed in MA & NH

c: 603.321.7513 | o: 603.465.8800

Facebook logo Instagram logo LinkedIn logo

Essex County Housing Report September 17, 2022

 Essex County September Housing Report 9/17/2022 

Sellers are adjusting to rising mortgage rates and buyer resistance by lowering their prices.  Current Unit sales rose over 11% from July to August as median sold prices for August 2022 fell -5.5% for Singles and -0.5% for Condos from July 2022.  Inventory remains extremely low with only 1.2 months for Singles, and 1.3 months for Condos.  

6 months of inventory is a balanced market. 

Year over year, August median home sale prices rose 5.0% for Singles and 6.4% for Condos while Unit Sales fell 10.1% for Singles and 17.6% for Condos. 

30 year conforming mortgage rates today were 6.35%, a 14 year high.

Bottom line, in spite of an extremely low 1.2 months of inventory, August 2022 median sold prices fell 5.5% for Singles and 0.5% for Condos from July 2022 to offset rapidly rising mortgage rates and stimulate Buyer interest.  August Home Sales rose 11% from July 2022.