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Unemployment Rates
The unemployment rate is a great market indicator, however it is often manipulated by politicians to reach personal goals. In 2020, during the pandemic the unemployment rate hit 14.7%. The scary times were a record high and following in 2022 we hit lows. The lows were the same lows' as in 2006, the pre-great recession. The interest rate manipulation has started affecting the United State economy.
National Unemployment Rate
2022 2023
Adam's Insight: The recent interest rate increases have started to making the needed changes. There is a correlation between employment rates and inflation. I believe the main contributing factor to inflation is currency in circulation, not employment, but the #FED has a differing belief. The interest rates have increased again in August and September, so we should see another unemployment increase in September too. The prices of homes should start to stabilize and I believe they will start to decrease soon.
Florida Unemployment Rate
2022 2023
August 2.7%
September 2.7%
October 2.7%
November 2.7%
December 2.5%
Adam's Insight: The national unemployment rate increased by 0.3%, while Florida only increased by 0.1%. The following states with higher unemployment rates are: California, Delaware, District of Columbia, Illinois, Nevada, New Jersey, Texas. The majority of the states with higher unemployment rates are near the border or have a high population. California, Washington and New Jersey have seen a diminishing population while Florida has seen population growth in the last few years.
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 6.79%
July 6.81%
August 6.9%
September 7.18%
October %
November %
December %
Adam's Insight: The combination of interest rates, increased taxes and insurance are going to devastate the market for the average family. Today a $300,000 (now difficult to find in Brevard County) will cost $2,514 a month (including Mortgage, Taxes, Insurance). Two years ago a $300,000 would have costed $1,715 per month. That is an $800 difference, which means an additional $9,600 per year. However, in 2021 that same house would have cost about $240,000 with a $1,262 monthly payment. which is about half of the current payment. The working class can not afford the new prices and either prices are going to match the interest rate or rentals are going to be hard to find.
Spot Gold Price (Price per Ounce)
2023
January $1,829
February $1,953
March $1,836
April $1,984
May $1,981
June $1,948
July $1,919
August $1,952
September $1,940
October
November
December
Spot Silver Price
2023
January $24.10
February $24.05
March $20.98
April $24.10
May $24.96
June $23.88
July $22.77
August $24.40
September $24.18
October
November
December
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 1,230
June 1,355 1,188
July 1,062 986
August 1,200 1,108
September 1,075
October 1,063
November 807
December 990
Adam's Insight: A 7.08% decrease is a large change and the market has felt the change. Sellers have started reducing the home prices. Buyers are starting to get picky. Cash purchases have increased as loan approvals are difficult due to high debt to income ratios.
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 1,489
June 1,744 1,309
July 1,696 1,353
August 1,528 1,476
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 2,317
June 1,686 2,367
July 2,152 2,469
August 2,514 2,537
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 2.14
June 1.3 2.19
July 1.68 2.31
August 2.0 2.39
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 $420,068
June $419,316 $416,083
July $415,560 $418,235
August $426,527 $435,410
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 18
June 5 14
July 7 15
August 10 18
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 6
June 6 7
July 4 4
August 5 4
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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