Housing Inventory Drops; Mortgage Rates Rise
Single Family Homes (SFH)
SFH inventory did not have the usual early summer bump this year and is now running 25% below last year’s level:
Condos
Condo inventory is een more depressed and is now 1/3 lower thn it was in 2022:
Mortgage rates
As inflation soared well beyond the Fed’s preferred 2%, interest rates climbed in 2022, driving mortgage rates to a multi-year high.
As inflation appeared to slow in early 2023, coupled with the failure of some large banks, the yield on 10T dropped, leading to a drop in the FRM of 1% . While inflation has slowed somewhat this year, the Federal Reserve has continued to hike rates as the economy remains resilient.
Interest rates also jumped this week after Fitch downgraded the US, reflecting “the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions.”
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And these recent articles:
Marblehead Mid-year 2023 Market Stats
Swampscott Mid-year 2023 Market Stats
Salem Mid-year 2023 Market Stats
Economic and mortgage commentary
Two signs Inflation is Slowing
Federal Reserve increase rates; Mortgage Rates drop
What drives Mortgage rates in one chart
How Marblehead’s 2023 Property Tax Rate is Calculated
Essex County 2023 Property Tax Rates: Town by Town guide
Why Mortgage Rates Will Fall
Market Reports
Bidding Wars return to North Shore
June Inventory shows modest increases
Q1 2023 Market Stats
Marblehead 2022 Housing Market Review
Swampscott 2022 Housing Market Review
Beverly 2022 Housing Market Review
Salem 2022 Housing Market Review
Essex County 2022 Housing Market Review
July Inventory shows Sharp Drop
Essex County Town by Town Guide: 2022 Median Prices and Sales; 2023 Tax Rates
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or ajoliver47@gmail.com.
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
m 617.834.8205
www.OliverReportsMA.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
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Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com
www.AndrewOliverRealtor.com
www.OliverReportsFL.com
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Compass
800 Laurel Oak Drive, Suite 400, Naples, FL 34108
m: 617.834.8205