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 recent nonfarm payroll rose by 336,000. That is 180,000 more jobs than expected, so the #FED has insinuated that they will continue to increase interest rates with 8% looming in the future. The U.S. Federal Reserve is banking on the economy stalling and slightly dropping. This means they want the unemployment rate to increase. This is the only way they can stop inflation.
Florida Unemployment Rate
2022 2023
September 2.7% TBD
October 2.7%
November 2.7%
December 2.5%
Adam's Insight: Florida's unemployment rate remained low for August. Septembers numbers have not come out as of October 10th. It looks like Florida will remain one of that last states to increase with our strong multi-industry economy.
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 %
December %
Adam's Insight: Each month the media tells a story that interest rates are going to ease, but the opposite happens. When looking at interest rates on a chart it looks like the average interest rate between 1971 and 2023 is 6.5%. In 1983, the interest rate hit 18.39%, so when the rates are in perspective 8% really doesn't seem that high. Based on historic data, I don't think that interest rates are going to decrease below 5.5% in the next 10 years. The housing market is going to have a strong correction.
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
December
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
December
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
November 807
December 990
Adam's Insight: August had a 7.08% and September had a 6.32% decrease. We will continue to see sales reduce as long as unaffordability stays high. Until rates or home values are reduced, sales will continue to decrease each month.
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
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 2,367
July 2,152 2,469
August 2,514 2,537
September 2,509 2,826
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 2.19
July 1.68 2.31
August 2.0 2.39
September 2.2 2.67
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 $416,083
July $415,560 $418,235
August $426,527 $435,410
September $398,460 $408,702
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 14
July 7 15
August 10 18
September 13 19
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 7
July 4 4
August 5 4
September 3 7
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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