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Essex County Housing Report 10/15/2024

October 15, 2024 Kathleen Sullivan No Comments

Essex County Housing Report 10/15/2024

Mortgage Rates have risen to 6.62% today per Mortgage News Daily, up from 6.11% on 9/11/2024 when investors expected the Federal Reserve to cut its Federal Funds rate by 0.5%, which they did.

September 2024 Inflation running hotter than expected which impacts Future Federal Reserve Rate Cuts
12 month CPI inflation rose 2.4% and Core Inflation (all items less food and energy) rose 3.3%. The Federal Reserve’s target is 2%.
September 2024 Monthly CPI rose 0.2% and Monthly Core Inflation rose 0.3%.

Single Family & Condo Median Prices and Units Sold fell Month over Month
From August 2024 to September, 2024:
Single Family: Median Prices fell -6.7% and sold units fell -24.5%.
Condo:            Median Prices fell -7.9% and sold units fell -20.3%.

 

 

Essex County Housing Report 9/11/2024

October 15, 2024 Kathleen Sullivan No Comments

Essex County Housing Report 9/11/2024  

Mortgage Rates Fell to 6.11% today on expectation that Federal Reserve will cut interest rates this month.

Inflation still running hot. The August CPI Report, (Consumer Price Index),  9-11-2023: 12 month inflation for August rose 2.5% which was down from 2.9% for the 12 months ending July 2024. 12 month Core Inflation (all items less food and energy) was up 3.2%, the same as July. The Federal Reserve’s target is 2%. August Monthly CPI rose 0.2% which was the same as the prior month. August Monthly Core Inflation rose 0.3% which was higher than 0.2% in July.

August Median Sold Prices rose for Single Families and Condos both year over year and month over month. Multi-Family prices rose year over year but declined month over month.

Low inventories (1.4 Months for Single-Families and 1.5 Months for Condos) continue to support housing prices with not much relief in sight as 82% of 30 year mortgags outstanding are below 5%.

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