Sullivan Team

July 2017 Essex County Housing Report

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1st Quarter 2017 GDP Revised Upward To 1.4%

The U.S. economic expansion remains on track as it prepares to enter its ninth year.  
Gross domestic product, a broad measure of the goods and services produced across the U.S. economy, expanded at a seasonally and inflation-adjusted annual rate of 1.4% in the first quarter, the Commerce Department reported Thursday
Growing Slightly Faster
First-quarter GDP, initially reported at an anemic 0.7%, has been revised up in subsequentmonths and now stands at 1.4%.

Macroeconomic Advisers on Thursday projected a 3.3% GDP growth rate for the spring quarter and the Federal Reserve Bank of Atlanta’s GDPNow model earlier this week predicted 2.9% growth. ...

… the current expansion has been disappointingly weak, with GDP growth averaging just 2.1% a year.  That is weaker than any other recovery since at least 1949. Still, the unemployment rate has continued to decline, hitting 4.3% in May—its lowest level in 16 years. For

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NAR Home Sales Report 6-23-2017

  • Existing home sales at third highest level this year.
  • Inventory of homes for sale has dropped 8.4% since last year, marking the 24th consecutive month of year-over-year declines.
  • NAR’s Chief Economist, Lawrence Yun had this to say: "Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.”


The Cost To Buy VS Rent June 2017


Top Home Renovations for Maximum ROI


Homes Selling Fast Across The Country

Mortgage Rates at 2017 Low, 4.08% for 30 Year Fixed :-)

Mortgage Rates at 2017 Lows - 4.08 for 30 Year Fixed - Fed Still Talking 2 More Rate Increases This Year




Buyer Demand Exceeds Supply of Homes


Some Highlights:

  • The concept of Supply & Demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!
  • Anything under a 6-month supply is a Seller’s Market!
  • There has not been a 6-months inventory supply since August 2012!
  • Buyer Demand continues to outpace Seller Supply! 

Don't Let Your Luck Run Out

Fed Raises Fed Fund Rate 1/4%, Sees Two More Rate Increases In 2017

Fed Raises Fed Fund Rate 1/4%. Sees Two More Rate Increases in 2017

U.S. central bankers see no major changes in their economic outlook


Full Article -

WASHINGTON—Federal Reserve officials still expect to raise short-term interest rates two more times this year after lifting them Wednesday—and they see no major changes in their economic outlook. 

In economic projections released Wednesday following a two-day policy meeting, officials also penciled in three more quarter-percentage-point moves in 2018. They also see interest rates settling at their long-run average of 3% by the end of 2019, slightly sooner than they foresaw in their December projections. 

Officials took the first step Wednesday by raising their benchmark federal-funds rate as expected by a quarter-percentage-point to a range between 0.75%and 1 %.  ...

Wednesday’s projections show Fed officials see the economy growing 2.1% in 2017, the same pace as in December. They see growth at 2.1% in 2018 and 1.9% in 2019 before settling at its longer-run average of 1.8%. 

They expect an unemployment rate of 4.5% at the end of the next three years. Projections for the longer-run unemployment rate ticked down to 4.7% from 4.8% in December. 

Officials see inflation ending the year at 1.9% and rising to the Fed’s 2% target by 2018.

Write to David Harrison at