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: One would think that the markets are going to crash as banks start failing and asking for bailouts. The world kept turning, new jobs numbers did increase but not nearly what was expected. Usually when this happens it is sign of recession, exactly what he #FED wants to see. However, we have not seen a major change in unemployment. As a nation we are still below 4% which is normally a great sign of a strong economy. The FED wants to see the number increase to fight inflation. It still blows my mind that as a country we are trying to create layoffs to strengthen the county financial system (oxymoron).
Florida Unemployment Rate
2022 2023
April 3.0%
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 managed to stay strong. Our unemployment numbers stay low, and our housing is doing better than most states. Now is a great time to buy or sell! Deals are popping up and we are still able to earn high prices. This will change, but my crystal ball is a little foggy. If the FED gets what they want the market will soon become a buyers market!
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 %
June %
July %
August %
September %
October %
November %
December %
Adam's Insight: The biggest changes, up or down are what devastate or stoke an economy. I believe what the world needs is a stable market. If the #USA can hover around 6% interest rates, we will hopefully see a healthy correction. In the middle of the #pandemic the #FED decided to reduce interest rates to stoke the economy. As we all know if you stoke a fire too much without adding fuel the flames will get very hot and burn itself out. This is what has happened to our economy, now that the fire has burned itself out we must gently build a strong world economy again. Let's hope rates can stay between 5-7% and businesses will start to grow.
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
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: The seasonal adjustments have helped March sales. I am happy to see 1,188 homes closed in March. If this pattern continues we we should see around 1,200 close in April.
Brevard County New Listings
2022 2023
January 1,294 1,362
February 1,313 1,210
March 1,607 1,535
April 1,561
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
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
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
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
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
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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