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Essex County April Housing Report 5/20/2024

Essex County April Housing Report 5/20/2024

Spring Market sales continued at a strong pace, Inflation improved slightly in April and Mortgage Rates remain above 7%.

April single-family and condo sales rose 19.6% and 16.6% respectively from March 2024 and also rose 1.2% and 33.1% respectively from a year ago.  Inflation is still running too hot.  12 month CPI (Consumer Price Index) rose 3.4% in April and Core Inflation rose 3.6%, well above the Federal Reserve’s 2% target. The good news was the monthly inflation rate fell from 0.4% to 0.3% for both the CPI and Core Inflation.  

30 year fixed rate mortgages now 7.10%, Mortgage News Daily.

Record low inventories continue to support housing prices with not much relief insight

Interest rates remain above 7% discouraging potential sellers with existing low mortgage rates to sell their homes and move.

Essex County March Housing Report 4/13/2024

Essex County March Housing Report 4/13/2024

Spring Market is off to a good start with a strong rebound from Feb 2024!

Inflation rose for the third consecutive month. Mortgage rates above 7%. It is unlikely the Federal Reserve will lower interest rates in the near term.

The Consumer Price Index (CPI) and CPI Core Inflation (CPI less food and energy) Indexes both rose in March by 0.4%.  Increase was mostly caused by a 0.4% increase in Shelter (housing costs) and a 1.1% increase in Energy costs.
Annual CPI rose 3.5% and Core Inflation rose 3.8%, almost twice the Federal Reserve’s goal of 2% making interest rate cuts unlikely.

30 year fixed rate mortgages now 7.30%, Mortgage News Daily.

Record low inventories continue to support housing prices with not much relief insight

Interest rates remain above 7% discouraging potential sellers with existing low mortgage rates to sell their homes and move.

Essex County March Housing Report 3/15/2024

Essex County March Housing Report 3/15/2024

Inflation continued to rise in February keeping mortgage rates above 7%. 
It’s unlikely the Federal Reserve will lower interest rates in the near term.

The Consumer Price Index (CPI) and CPI Core Inflation (CPI less food and

energy) Indexes both rose in February by 0.4%. This increase was mostly

caused by a 0.4% increase in Shelter (housing costs) and a 2.3% increase in

Energy costs. Annual CPI rose 3.2% and Core Inflation rose 3.8%, almost twice

the Federal Reserve’s goal of 2%. This dampens the Federal Reserve’s

motivation to lower interest rates in the near term. 30 year fixed rate mortgages

today were 7.09% per Mortgage News Daily.

Record low inventories continue to support housing prices with not much relief in

sight as interest rates remain above 7% discouraging potential sellers with

existing low mortgage rates to sell their homes and move.

Essex County February Housing Report

Essex County February Housing Report 2/14/2024

Inflation continued to rise in January pushing mortgage rates above 7%. 
It’s unlikely the Federal Reserve will lower interest rates in the near term.   

The Consumer Price Index (CPI) and CPI Core Inflation (CPI less food and energy) Indexes rose in January by 0.3% and 0.4% respectively. This increase was mostly caused by a 0.6% increase in Shelter (housing costs) and a  0.4% increase in Food.  Annual CPI rose 3.1% and Core Inflation rose 3.9%, almost twice the Federal Reserve’s goal of 2%. This dampens the Federal Reserve’s motivation to lower interest rates in the near term.  30 year fixed rate mortgages today were 7.09% per Mortgage News Daily.  

Essex County January 2024 Housing Report 1/12/ 2024

Essex County January Housing Report 1/12/2023

Federal Reserve Will Likely Slow Their Drop In Interest Rates due to the

December Rise in Both the Consumer Price Index and Core Inflation

Both the CPI and CPI Core Inflation Indexes rose by 0.3% in Dec.  Annual CPI rose by

3.4% and Core Inflation rose by 3.9%, almost twice the Federal Reserve’s goal of

2%.  30 year fixed rate mortgages today are 6.69% per Mortgage News Daily.

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

Record low inventories continue to support housing prices, although there was a

softening in single family prices when comparing December to November 2023,

but both condos and multi-families had modest price increases.

 

 

 

Essex County December Housing Report 12/23/2023

Essex County December Housing Report 12/23/2023

Federal Reserve Took A More Dovish Posture and Rates Dropped:

At the December 13, 2023 Federal Reserve Policy Statement and News

Conference, the Fed indicated 3 Rate Cuts in 2024 even though the Consumer

Price Index Core Inflation was still running at 4%, twice the Fed’s goal of 2%. 30

year Mortgage Rates fell from 7.09% on 12/12/2023 to 6.62% on 12/14/2023.

Since 10/19/ 2023, 30 Year Mortgage Rates have fallen from 8.03% to 6.68% on

12/22/2023. As 92% of all outstanding mortgages are 6% or less and 82% are

5% or less, the housing market should improve substantially if the 30 year

mortgage rates drop below 6% as more sellers will list their properties For Sale.

 

 

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.

 

Essex County October Housing Report 10/16/2023

Essex County October Housing Report 10/16/2023

Inflation Remains Hot
Consumer Price Index (CPI) rose +0.4% in September and +3.7% for 12 months. Prices were driven by rising shelter and gasoline prices. Core Inflation (CPI less food and energy) rose +0.3% in September and +4.1% for 12 months, well above the Federal Reserve goal of 2%

30 Year Mortgage Rates Today Were 7.80% (Mortgage News Daily
Geopolitical problems and restrictive Federal Reserve policy adds pressure to interest rates.
Buyer Upside: Much less competition and buyers can refinance when rates fall.

Record low inventory keeps home pricing firm in spite of high rates

 

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Essex County September Housing Report - 9-18-2023

Essex County September Housing Report 9/18/2023

Inflation Heating Up Again

Consumer Price Index rose 0.6% in August and is up 3.7% for 12 months. Prices driven by rising gasoline and shelter prices.

Oil Prices (West Texas Intermediate crude) Rose 15.3% in the past 30 days from $80.12. to $92.36.

30 Year Mortgage Rates Today Were 7.31% (Mortgage News Daily)

Singles, Condos and Multi-Families:

Month over Month, Prices were mixed, Units Sold rose and Active Listings fell.

Year over Year, Prices Rose over 10%, but Units Sold and Active Listings continue to drop double digit.

Record low housing inventory keeps pricing firm in spite of high mortgage rates.