Essex County June Housing Report 6/15/2023

Essex County June Housing Report 6/15/2023

CPI Core Inflation remains stubbornly high but is gradually declining and fell from 5.4% in April to 5.3% in May. Happily core inflation for wholesale prices, the Producer Price Index, fell from 3.3% in April to 2.8% in May. The Federal Reserve did not raise rates in June. The current 30 year conforming mortgage rate is 6.94% per Mortgage News Daily. High interest rates will keep inventory low as homeowners with very low mortgage rates are reluctant to move. 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 year over year (down 28%+ for both singles and condos). BUT, month over month unit sales rose dramatically as we moved into the Spring Market: + 32.1% for Single Family and + 44.1% for condos - ðŸ‘ Prices were up both year over year (YOY) and month over month (MOM) ðŸ‘ : Single Family Prices +1.9% YOY and +7.1% MOM.

Condos Prices +4.6% YOY and +8.3% MOM.

Multi-Families: Units sales fell -8.7% YOY, but rose 1.3% MOM Prices fell 8.7% YOY but rose 1.3% MOM