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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. 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 held very low for the last year and half. It does worry me that with the increase in interest rates and "inflation slowing" unemployment has not changed. It is hard to wrap my mind around an extremely low unemployment rate with inflation slowing. The good news is that home values are staying high and people are moving for work.
Florida Unemployment Rate
2022 2023
June 2.8% TBD
July 2.7%
August 2.7%
September 2.7%
October 2.7%
November 2.7%
December 2.5%
Adam's Insight: June has not be published by the state of Florida as of 7/12/2023.
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 %
September %
October %
November %
December %
Adam's Insight: The Freddie Mac published rate is still increasing. The media keeps telling the public that there have been reductions, but that is not what the numbers are telling us. This is a great opportunity for FHA owners that want to sell their home. If the original loan is high enough, they can sell their home for more than a it is valued at if the price is based on the payment, not the sticker price. For example, an FHA buyer in 2021 purchased a $300,000 home with a 4% interest rate will have a payment of around $2,050. In 2023, that same home priced at $300,000 has an FHA payment of $2,700. This means that in the current market, a buyer with a maximum payment of $2,100 would need to purchase a $200,000 (which does not exist in todays market).
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
August 1,200
September 1,075
October 1,063
November 807
December 990
Adam's Insight:
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
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 2,317
June 1,686 2,367
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 2.14
June 1.3 2.19
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 $420,068
June $419,316 $416,083
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 18
June 5 14
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 6
June 6 7
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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