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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
2022 2023
Adam's Insight: The #FED noticed the unemployment increase in October and slightly reduced the interest rate for a "soft landing". Novembers unemployment quickly dropped by 0.2% with the adjustment. It is always tough in November because temporary workers start to work and change the unemployment rates. I forecast that December will be lower and January will jump back up.
Florida Unemployment Rate
2022 2023
October 2.7% TBD
November 2.7%
December 2.5%
Adam's Insight: Florida unemployment numbers are not available until the end of the month.
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 6.9%
September 7.18%
October 7.31%
November 7.76%
December 7.03%
Adam's Insight: When looking at the history of the 30 year fixed interest rate. It becomes obvious that the first time the rate was lower than 5% was in 2009. The lowest the rate had been prior to 2002 was 7%. This tells me that the our strong economy has been propped up by an extremely low interestest starting in 2004. After the 2008 recession we doubled down and reduced the rate even move. We are now feeling the consequences of the low boasted market. If the #FED lowers the rate again we will be on caffine until the next crash.
Spot Gold Price (Price per Ounce)
2023
January $1,829
February $1,953
March $1,836
April $1,984
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
January $24.10
February $24.05
March $20.98
April $24.10
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
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 1,062 986
August 1,200 1,108
September 1,075 1,007
October 1,063 914
November 807 908
December 990
Adam's Insight: Year to date residential real estate sales have decreased by 8.3%. In Brevard county, that is 1, 056 fewer homes have sold. To put that in perspective, in November only 908 homes sold in the entire month. The good news is that home buyers now have options and the ability to negotiate. Sellers, must prepare their homes and market in a way to find their top paying buyer. There is now competition and lots of it. Novembers sales are seasonal, but also the new normal. July which is normally a huge month was below a 1,000 homes sold. This is a red flag, even July 2020 during the COVID scare in a slower market we were at 1,536 homes. In November there were only 851 pending sales, so it looks like December will be even slower. Almost, 20% more active listings than in 2022.
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 1,353
August 1,528 1,476
September 1,172 1,397
October 1,311 1,389
November 1,032 1,226
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 2,469
August 2,514 2,537
September 2,509 2,826
October 2,641 3,055
November 2,723 3,285
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 2.31
August 2.0 2.39
September 2.2 2.67
October 2.15 2.9
November 2.26 3.15
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 $418,235
August $426,527 $435,410
September $398,460 $408,702
October $392,498 $409,171
November $383,069 $426,062
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 15
August 10 18
September 13 19
October 15 22
November 20 23
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 4
August 5 4
September 3 7
October 7 6
November 5 4
December 4
Written by Adam Maxfield
Real Estate Sales and Investing
Keller Williams Realty of Brevard
(321) 635-0060
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