Fintan Madden
RE/MAX 360
RE/MAX 360

I proudly offer assistance in English, Chinese, Korean, and German.

Fintan Madden
c: 508.878.1659
f: 978.325.9871

Login Register

Essex County Housing Report January 14, 2022

Essex County Housing Report January 14, 2022

Inflation continues to slow, but remains well above the Federal Reserve’s target of 2%. Federal Reserve will continue its anti-inflationary policies. December CPI (Consumer Price Index) fell to 6.5% from 7.1% in November. Core Inflation, all items index less food and energy, was 5.7%

Mortgage Rates are trending down; Conforming 30 Year Fixed now 6.09%.

Bottom Line:

Housing, Single Families and Condos, sales activity continues to slow as the Fed fights inflation. December Year over Year: Sold Price increases slowed, +2.8%, Units Sales fell -32.5%, Active Listings fell -6.5%.

Month Over Month, December 2022 vs November 2022

  • Median Sold Prices:

    Single Families -10%; Condos -.01%; Multi-Families -3%

  • Unit Sales: 

    Single Families -8.4%, Condos -24.2%, Multi-Families -5.7%

  • Active Listings:

    Single Families -30.1%, Condos -19.9%, Multi-Families -27.9%

  • Current Months of Inventory: 

    Single Families 1.3, Condos 1.6, Multi-Families 2

    Year Over Year, December 2022 vs December 2021