Essex County May 2023 Housing Report

Essex County May Housing Report 5/18/2023

Core Inflation remains stubbornly high and The Federal Reserve is now expected to raise rates again in June. April Consumer Price Index (CPI) inflation was 4.9% but CPI Core Inflation (CPI less Food & Energy) was 5.5%. The current 30 year conforming mortgage rate is 6.825% per Mortgage News Daily. Rising / high interest rates will continue to dampen real estate sales. Commercial Real Estate (CRE) lending is expected to remain tight as Regional Banks which hold 70% of CRE loans struggle to improve profits and liquidity.

Today’s Bottom Line for Singles and Condos:

Unit Sales continued to fall both year over year and month over month.
Single Family Prices fell 1.7% month over month and rose only 1.6% year over year.
Condo prices fell 4.5% both month over month and year over year.

Multi-Families: Units sales fell -41.3% Year Over Year and -14% Month O Month However, Prices did rise +2.4% Year Over Year and +8% Month over Month as Active Listings continued to drop.