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 unemployment rate has been recorded between 3.4% and 3.9% since February 2022. This number can be a good indicator, but remember that this number can be manipulated and adjusted "seasonally". Typically, as interest rates increase the unemployment also increases. Unemployment is one of the last metrics to change. For example, the #FED increases interest rates. Home sales decrease due to higher ownership costs and difficulty receiving a home loan. The homes sales in Brevard County have dropped by 38.4% in the last 3 years. In December of 2020, 1,322 homes were sold in Brevard County, however in December of 2023 only 814 were sold. 504 fewer home inspections, sales commissions, title work, loans, contractor pre-sale work, contractor post sale renovations. With almost 40% fewer transactions, this means there is 40% less work and as time passes businesses are forced to reduce operating costs. Employees are one of the easiest operating costs to change which in turn will increase the unemployment rate.
Florida Unemployment Rate
2023 2024
February 2.6%
March 2.6%
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: Is it possible that the Federal Government is not reporting the true unemployment rate, but the state of Florida is providing the true numbers? 0.1% unemployment growth each month (which is being seen around the county and not just in Florida). My crystal ball is telling me that this number will continue to increase until something changes in our current financial system.
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
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: The #FED has continued to keep rates high for over a year, we have not felt inflation stop. The inflation has slowed, but eggs and meat have practically doubled in the last year, but individual income has not increased in a corresponding rate. I do not believe the interest rate will reduce much in the next year. 6% is a fair rate for the lender and I believe it will help keep the market healthy.
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
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
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
March 1,188
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: Every month more homes are listed and fewer homes are sold. The market is quickly shifting to a buyers market. Today, the market feels more like a lenders market with high interest rates. However, buyers have plenty of options to choose from.
Brevard County New Listings
2023 2024
January 1,362 1,578
February 1,210
March 1,535
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
March 2,354
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
March 2.13
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
March $394,311
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
March 22
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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