Essex County July Housing Report 7/27/2023
The Federal Reserve increased the Fed Funds Rate by 0.25% to 5.5% on 7-26-2023.
The 30 Year fixed rate mortgage is now 6.95% per Mortgage News Daily
Inventory remains at record low levels because most homeowners have lower mortgage rates and don't want to trade into a much higher mortgage rate.
91.8 % of homeowners have a mortgage rate below 6%, 82.4 % have a rate below 5%, 62% have a rate below 4%, and 23.5% have a rate below 3%.
Inflation is coming down. Consumer Price Index fell to 3% in June but Core Inflation too high - 4.8%.
Mortgage rates are expected to start declining by the end of this year
Today’s Bottom Line for Singles and Condos and Multi-Families:
Year over year, Units Sales, Active Listings and Inventories continue to fall.
Pricing remains firm in spite of high mortgage rates due to record low inventories.
Month Over Month, unit sales and active listings improved as we moved into the selling season.
- 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