Essex County November Housing Report 11/27/2023

Inflation Rate Is Trending Down - Positive Impact On Mortgage Rates

October’s Consumer Price Index (CPI) rose 0% from prior month vs +0.4% in September. Annual CPI was +3.2% down from +4.0% in September. Core Inflation (CPI less food and energy) rose +0.2% in October down from +0.3% in September but the annual rate was +4.0%, still double the Federal Reserve’s goal of 2.0%.

30 Year Mortgage Rates Are 7.32% Today (Mortgage News Daily) Mortgage rates have fallen from 7.88% a month ago. However Geopolitical problems and restrictive Federal Reserve policies continue to add upward pressure on interest rates.
Buyer Upside: Less competition and buyers can refinance when rates fall.

Bottom Line for Singles Families , Condos and Multi-Family:

Record low inventories keep Single Family home pricing firm, but there was softening in the Condo and Multi-Family Sold Prices.