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The Essex housing market was flat for the second quarter, with mixed results in sales and pricing. Sales were up just a tick from last year, and are up about 2% for the rolling year. That said, we’re now seeing sales at levels higher than any time in the past 15 years, since the height of the last seller’s market. To get sales moving, though, we need more supply in the market, since the months of inventory has now settled at the six‑month level that usually signals a seller’s market. But reduced inventory has generally been driving some meaningful price appreciation: although pricing was mixed for the quarter, it was up almost 3% at the median for the rolling year. Going forward, we believe that stabilizing inventory will support a solid summer and fall market, with both sales and prices rising over last year.
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