Essex County Housing Report 8/19/2024
Mortgage Rates Fell Below 7% on July 10, 2024 and are Now 6.56% on Improving CPI Reports (Consumer Price Index)
12 month Inflation still running too hot. July CPI was 2.9% and Core Inflation was 3.2%, above the Federal Reserve’s target of 2%.
However, the CPI Trend is down causing investors to push rates down in anticipation of a Federal Reserve Rate Cut in September, definitely a boost for Invenstment Properties.
Low inventories (1.7 Months for Single-Families and 1.4 Months for Condos) continue to support housing prices with not much relief in sight as 82% of 30 year mortgags outstanding are below 5%.
- To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
- To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports
