Essex County April Housing Report 5/20/2024

Essex County April Housing Report 5/20/2024

Spring Market sales continued at a strong pace, Inflation improved slightly in April and Mortgage Rates remain above 7%.

April single-family and condo sales rose 19.6% and 16.6% respectively from March 2024 and also rose 1.2% and 33.1% respectively from a year ago.  Inflation is still running too hot.  12 month CPI (Consumer Price Index) rose 3.4% in April and Core Inflation rose 3.6%, well above the Federal Reserve’s 2% target. The good news was the monthly inflation rate fell from 0.4% to 0.3% for both the CPI and Core Inflation.  

30 year fixed rate mortgages now 7.10%, Mortgage News Daily.

Record low inventories continue to support housing prices with not much relief insight

Interest rates remain above 7% discouraging potential sellers with existing low mortgage rates to sell their homes and move.