Essex County December Housing Report 12/14/2022

Inflation is slowing, but is way above the Federal Reserve’s target of 2%.  
November CPI (Consumer Price Index) fell to 7.1% from 7.7% in October.
November PPI (Producer Price Index) fell to 7.4% from 8.1% in October. PPI measures wholesale Prices
To fight inflation, the Federal Reserve continues to raise interest rates and sell off their Balance Sheet Assets to tighten credit (Quantitive Tightening).  
Federal Funds Rate increased +0.5% to 4.25% - 4.5% 
Mortgage Rates are trending down; Conforming 30 Year Fixed now 6.33%.

Bottom Line:
Housing Listing and Sales activity continues to moderate as the Fed fights inflation.
Year over Year price increases are slowing, +6.3%, Units Sales fell -26%, Active Listings fell -16%.  Months of Inventory rose +21% as Unit Sales fell more the Active Listings.  

Month Over Month, November 2022 vs October 2022

• Median Sold Prices:
  Single Families +4.4%;  Condos -1.1%;  Multi-Families  -1.5%
• Unit Sales:
  Single Families -4.2%, Condos +29.3%, Multi-Families +1.9%
• Active Listings:
  Single Families -14.2%, Condos -6.3%, Multi-Families -10.6% 
• Current Months of Inventory:
  Single Families 1.6, Condos 1.4, Multi-Families 2.4

Year Over Year, November 2022 vs November 2021

• Median Sold Prices: 
  Single Families +6.6%; Condos +6.0%;  Multi-Families +2.2% 
• Unit Sales:
  Single Families -23.1% , Condos -34.0%, Multi-Families -44.8%.
• Active Listings:
  Single Families -4.3%; Condos -23.9%; Multi-Families -16.0% 
• Change in Months of Inventory:
  Single Families +23.1%, Condos  16.7%, Multi-Families +50.0%.
  
  Terry Sullivan

• To view data for every Essex County town, go to:  http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
  
  
• To Download the full housing report go to:  http://sullivanteam.com/pages/EssexCountyHousingReports