August Inventory recovers to 2020 levels
There has been a sharp increase in the number of properties for sale in the last few months, taking SFH inventory back to 2020 levels:
Single Family Homes
The number of Condos available has also jumped, but in this case still remains a little below last year’s levels:
The 30-year Fixed Rate Mortgage fluctuated around 3% for most of 2021. The Fed appeared to many commentators (read my “Party on, dude” says the Federal Reserve posted in March 2021) to be taking an overly optimistic view about inflation; its policy reversal late in 2021 sparked a jump in the crucial 10-year Treasury yield and hence in mortgage rates. With inflation continuing to soar well beyond the Fed’s preferred 2%, interest rates have climbed in 2022, driving mortgage rates to a multi-year high. There has, at least, been some easing in the last couple of weeks, as the yield on the 10-year Treasury Note has fallen from 3.5% to its current 2.8% (Read Have Mortgage Rates peaked?) as expectations have grown that we are in or near to a recession. (Read Are we already in a Recession?)
And these recent articles:
Economic and mortgage commentary
Recession? Yes, no, maybe….
Federal Reserve tries to rewrite history
Has Inflation Peaked?
Have Mortgage Rates peaked?
Are we already in a Recession?
Federal Reserve in Fantasyland: Implications for Housing Market
Time to Consider an Adjustable Rate Mortgage
How Marblehead’s 2022 Property Tax Rate is calculated
Essex County 2022 Property Tax Rates: Town by Town guide
Essex County Mid-Year Market Summary in 5 slides
Massachusetts Mid-Year Market Summary in 5 slides
How quickly are houses selling?
Have Home Sales slowed?
June Housing Inventory: still way below 2020 levels.
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 email@example.com.
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.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.”
Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
800 Laurel Oak Drive, Suite 400, Naples, FL 34108