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Unemployment Rates
A healthy economy has a 3-5% unemployment rate, however a 3-5% unemployment rate does not always indicate a healthy economy. In simple terms, the unemployment rate is the number of workers without a job and looking for a job divided by the number of workers in the labor force. However, this number is manipulated, "the number of workers without a job and looking" is vague and up to interpretation. The unemployment rate is still a good market indicator, but use with caution.
National Unemployment Rate
2022 2023
Adam's Insight: The unemployment rate has dropped again. The news channels are screaming doom and gloom, however the employment rate is not matching. According to Trading Economics 3.4% is a 50 year low and the same as January. In April, the unemployment decreased by 182,000 to 5.657 million people actively looking for work. The employment levels increased by 139,000 to 161.031 million. The difficult part for me to understand is the labor force participation rate of 62.6%. The goal of the #FED is to slow the inflation rate, but inflation is still showing 4.9% but it feels much higher. Homes, eggs, gas are still increasing.
Florida Unemployment Rate
2022 2023
May 3.0%
June 2.8%
July 2.7%
August 2.7%
September 2.7%
October 2.7%
November 2.7%
December 2.5%
Adam's Insight: Florida has stayed lower than the national average since the pandemic! As long as tourism and the space technologies keep growing Brevard County will stay ahead of the pack.
30 Year Mortgage Rate Average in United States
*This information is pulled from the Federal Reserve and Freddie Mac. These are averages for information purposes only. This information is for the first day of the month; remember that a lot can change in 30 days.
2023
January 6.48%
February 6.09%
March 6.65%
April 6.32%
May 6.39%
June %
July %
August %
September %
October %
November %
December %
Adam's Insight: Even as the banks start to fail, the FED has kept interest rates around the same level. We are hovering around the 6% range. Please keep in mind, this is from FRED website and ever lender has a varying interest rate.
Brevard County Property Sales Statistics
Brevard County Properties Sold
2022 2023
January 988 738
February 1,093 967
March 1,359 1,188
April 1,309 1,148
May 1,289
June 1,355
July 1,062
August 1,200
September 1,075
October 1,063
November 807
December 990
Adam's Insight: I estimated 1,200 would sell in April and we got close at 1,148. The inventory levels are decreasing which means it is still a good time to sell. Even with the media telling buyers it is a bad economy we still have buyers. Blue Origins and Space X are still hiring.
Brevard County New Listings
2022 2023
January 1,294 1,362
February 1,313 1,210
March 1,607 1,535
April 1,561 1,355
May 1,700
June 1,744
July 1,696
August 1,528
September 1,172
October 1,311
November 1,032
December 1,036
Brevard County Active Listings
2022 2023
January 1,174 2,672
February 1,081 2,538
March 1,110 2,354
April 1,146 2,332
May 1,441
June 1,686
July 2,152
August 2,514
September 2,509
October 2,641
November 2,723
December 2,695
Brevard County Absorption Rate
2022 2023
January 0.88 2.35
February 0.81 2.27
March 0.83 2.13
April 0.87 2.13
May 1.11
June 1.3
July 1.68
August 2.0
September 2.2
October 2.15
November 2.26
December 2.31
Brevard County Average Sales Price
2022 2023
January $354,264 $394,815
February $373,913 $394,504
March $388,414 $394,311
April $419,303 $425,760
May $418,863
June $419,316
July $415,560
August $426,527
September $398,460
October $392,498
November $383,069
December $392,362
Brevard County Median Days on Market
2022 2023
January 7 26
February 5 31
March 4 22
April 4 18
May 4
June 5
July 7
August 10
September 13
October 15
November 20
December 24
Brevard County Short Sales / Bank Owned / Auctions
2022 2023
January 10 6
February 4 16
March 7 12
April 4 9
May 6
June 6
July 4
August 5
September 3
October 7
November 5
December 4
Written by Adam Maxfield
Real Estate Sales and Investing
Keller Williams Realty of Brevard
(321) 635-0060
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