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County Data Review
Since last week's report, there have been two major changes at the county level. Essex County has more than doubled its inventory in this short amount of time, going from 9% to 19% year-over-year. This increase has not impacted prices, though we wouldn't see that effect right away anyway. The second significant change is that Hudson County is reporting a -1% median sales price (MSP) compared to last year. This is the first drop in price we've seen. It's not clear if this trend will continue, but it’s interesting to keep an eye on.
Mortgage Rates
We're now a few weeks out from when the Fed cut interest rates, and we are actually seeing higher mortgage interest rates than we did before the cuts. Reportedly, this is due to favorable job and inflation reports that have been released. The Fed is planning to cut rates again in November and possibly in December. Experts believe there will be a 0.25% cut on each of those dates.
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