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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: We are hovering around a national unemployment rate of 3.8-3.9%. There are still plenty of jobs, but some demographics have started to increase in unemployment. It is easier to hiring electricians and plumbers and their costs are starting to level out. If this trend continues we will see the unemployment number increase.
Florida Unemployment Rate
2023 2024
April 2.6%
May 2.6%
June 2.6%
July 2.7%
August 2.7%
September 2.8%
October 2.8%
November 2.9%
December 3.0%
Adam's Insight: Florida has become an empowerment powerhouse. The state is very diversified. Northern and central florida is full of farmers growing the fruit that we eat every day. The coasts are full of tourism which brings money to the state from around the world. The medical system is designed for retirees so people flock to Florida to retire and die. Over 60% of a persons medical costs are spent after the age of 65.
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
May 6.39%
June 6.79%
July 6.81%
August 6.9%
September 7.18%
October 7.31%
November 7.76%
December 7.03%
Adam's Insight: The markets been a roller coaster and interest rates like stability. The 30 year interest rate is increasing and halfway through April and we are over 7%. Inflation has not slowed and it has started to reverse. My forecast is rates increasing through the summer.
Spot Gold Price (Price per Ounce)
2023 2024
January $1,829 $2,063
February $1,953 $2,054
March $1,836 $2,082
April $1,984 $2,249
May $1,981
June $1,948
July $1,919
August $1,952
September $1,940
October $1,825
November $1,985
December $2,072
Spot Silver Price
2023 2024
January $24.10 $23.82
February $24.05 $23.15
March $20.98 $23.13
April $24.10 $25.09
May $24.96
June $23.88
July $22.77
August $24.40
September $24.18
October $20.89
November $23.05
December $25.47
Brevard County Property Sales Statistics
Brevard County Properties Sold
2023 2024
January 738 686
February 967 893
March 1,262 1,109
April 1,148
May 1,230
June 1,188
July 986
August 1,108
September 1,007
October 914
November 908
December 814
Adam's Insight: March 2024 sales are down 12.1% compared to March 2023. The interest rate fluctuations have increased the difficulty for many buyers, however they still want to buy. The challenge is the PITI (Principle, Interest, Taxes and Insurance) is quite a bit higher than just a year ago. For example, in 2024 a $350,000 home in Brevard with 10% down equals, $3,500 annual home owners insurance and $4,550 annual property taxes has a $2,869 monthly mortgage payment (includes PITI). In 2019, that same home would have cost $200,000 - $250,000. However, let's compare the same price point. In 2019, a $350,000 home in Brevard with 10% down equals, $2,100 annual home owners insurance and $4,550 annual property taxes has a $1,951 monthly mortgage payment (includes PITI). 5 years has cost a home owner 47% per month on a complete (PITI) mortgage payment. If the home cost $250,000, the monthly complete mortgage payment (PITI) would be $1,017 per month. Home appreciation, insurance costs and inflation have made it very difficult to purchase for first time home buyers. But DON'T lose HOPE! We have a great team of lenders, inspectors and we can find what you are looking for!
Brevard County New Listings
2023 2024
January 1,362 1,578
February 1,210 1,559
March 1,535 1,804
April 1,355
May 1,489
June 1,309
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
May 2,317
June 2,367
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
May 2.14
June 2.19
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
May $420,068
June $416,083
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 18
May 18
June 14
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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