Brevard County's housing market recorded a slight sales increase in December, according to data released this week. The numbers show 122 homes sold in the county during the month, up 6% from November. Local real estate expert Bobby Freeman called the growth a "positive sign" for the region's market. "Low interest rates and a stable job market are keeping buyers active," Freeman said during a January 5 meeting with county officials.
The average home sale price in December was $345,000, a 2% increase from the previous month. That figure is 18% below the peak seen in March 2022 but 14% above the pandemic-era low in April 2020. Freeman noted the market remains balanced, with 4.2 months of inventory available. "We're not seeing the frantic bidding wars of 2021, but demand is steady," he said.
Mortgage rates held near 6.4% in December, according to data from the Federal Reserve Bank of Atlanta. That's down from 7.1% in October but still above the 3.1% seen in January 2022. Local lenders report increased inquiries from first-time buyers, particularly in areas like Cocoa and Titusville. "Rates are still a hurdle, but they're more manageable now," said Maria Gonzalez, a loan officer at Space Coast Mortgage.
The Brevard County Realtors Association expects sales to rise 8-10% in 2024. Freeman pointed to ongoing infrastructure projects and the growing aerospace sector as additional tailwinds. "The economy here is resilient," he said. "That's good news for both buyers and sellers."