Unemployment Rates
The unemployment rate is a great market indicator for the future market. As long as employment numbers are strong, mortgages will be paid and manufactured items will be purchased.
National Unemployment Rate
2023 2024
Adam's Insight: The market has started to change, again, only started. The unemployment change is a symbol of the market but a tenth of a percent is not drastic. Remember, in 2020 the unemployment rate was above 13%. The trend started in February, and it isn't a trend until we have multiple months with increases. The interest rate hikes are starting to change the economy. As a real estate agent we are seeing it daily with more homes on the market and fewer buyers. As a flipper we are seeing plumbers rates starting to fall and the price of wood is back to preCovid values. The #FED has mentioned possible rate reductions, banks have started reducing their longer CD yields. If rates drop at all, the market is going to boom due to bent up demand.
Florida Unemployment Rate
2023 2024
July 2.7%
August 2.7%
September 2.8%
October 2.8%
November 2.9%
December 3.0%
Adam's Insight: Florida is seeing more homes on the market, however our unemployment rate is staying strong at 3.3%. Florida is a great place to live and work due to the multiple industries. I don't know a single person that is looking for work in the great state.
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 2024
August 6.9%
September 7.18%
October 7.31%
November 7.76%
December 7.03%
Adam's Insight: Every month when I write my analysis I look at interest rate history and I am reminded that the first time interest rates have been below 5% was in 2009. From 2010 to 2022 interest rates have not been above 5%. I believe that this kept the market inflated and Covid was the crescendo that peaked. In the next year we will find out if this was a bubble or a bump in the road. My gut is telling me it was a bubble and I hope it was a small bump. If interest rates drop, the market will boom again which often happens in changing markets.
Spot Gold Price (Price per Ounce)
2023 2024
Spot Silver Price
2023 2024
Brevard County Property Sales Statistics
Brevard County Properties Sold
2023 2024
January 738 686
February 967 893
March 1,262 1,109
April 1,167 1,147
May 1,230 1,246
June 1,188 1,049
July 986
August 1,108
September 1,007
October 914
November 908
December 814
Adam's Insight: Typically fewer homes sell in June than in May every year, and this year wasn't any different. However, this year 14.2% fewer homes sold over last year. We are continually seeing more homes list every day and fewer homes sell then the previous year. Soon we will be in a buyers market and sellers will have to reduce prices. The leading factor is that home values have doubled in the last 4 years, normally home values double in 15-18 years. Normally incomes increase corresponding with home values and inflation, however incomes have not increased with mortgages, let alone home values. In 2019 a mortgage in Florida (including PITI) was $1,300 per month for an average home. Today, that same home will cost a buyer $3,900 per month. This is because home values have doubled, interest rates have tripled, home insurance has tripled and taxes have increased with property values (homestead reduces a fixed amount so it isn't as helpful as it used to be).
Brevard County New Listings
2023 2024
January 1,362 1,578
February 1,210 1,559
March 1,535 1,804
April 1,355 1,781
May 1,489 1,734
June 1,309 1,565
July 1,353
August 1,476
September 1,397
October 1,389
November 1,226
December 1,026
Brevard County Active Listings
2023 2024
January 2,672 3,553
February 2,538 3,862
March 2,354 4,037
April 2,332 4,295
May 2,317 4,417
June 2,367 4,496
July 2,469
August 2,537
September 2,826
October 3,055
November 3,285
December 3,248
Brevard County Absorption Rate
2023 2024
January 2.35 3.42
February 2.27 3.73
March 2.13 3.92
April 2.13 4.22
May 2.14 4.34
June 2.19 4.40
July 2.31
August 2.39
September 2.67
October 2.9
November 3.15
December 3.09
Brevard County Average Sales Price
2023 2024
January $394,815 $414,497
February $394,504 $413,611
March $394,311 $391,721
April $425,760 $457,901
May $420,068 $437,357
June $416,083 $424,678
July $418,235
August $435,410
September $408,702
October $409,171
November $426,062
December $400,425
Brevard County Average Days on Market
2023 2024
January 26 58
February 31 59
March 22 82
April 68 76
May 18 84
June 62 71
July 15
August 18
September 19
October 22
November 23
December 29
Written by Adam Maxfield
Real Estate Sales and Investing
Keller Williams Realty of Brevard
(321) 635-0060
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