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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 #FED has been raising interest rates and the unemployment rate remaining unchanged. This is the first time we have seen unemployment jump 0.3% in a very long time. The unemployment is still very low and there are many jobs available to those who want to work. People are still moving and homes are still selling at a healthy rate.
Florida Unemployment Rate
2022 2023
May 3.0% TBD
June 2.8%
July 2.7%
August 2.7%
September 2.7%
October 2.7%
November 2.7%
December 2.5%
Adam's Insight: The Space and Security industries have been rapidly growing. Tourism is still strong and the beaches have been beautiful!
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 %
August %
September %
October %
November %
December %
Adam's Insight: In May, the inflation did not slow so the #FED increased interest rates to reduce the inflation. Inflation still has not slowed. Please keep in mind, this is from FRED website and ever lender has a varying interest rate.
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
July 1,062
August 1,200
September 1,075
October 1,063
November 807
December 990
Adam's Insight: Home sales for 2023 are looking very strong. Many of us expected May to slow as the interest rates increase, however May was close to matching the sales for 2022. I bet June gets close to 1,300 in sales. The inventory is slowly increasing, 259 (21%) more homes were listed than sold.
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
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
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
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
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
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
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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