30-year fixed-rate mortgage yield averaged 5.41% in July
According to Freddie Mac, the average interest rate for a 30-year fixed-rate mortgage in July 2022 was 5.41%, well above the 2.87% average for the same month last year.
Brevard County, FL – The Brevard housing market reported a higher median value in July 2022 compared to a year ago, with more new listings of existing single-family homes and condos.
The median single-family home sales price in Brevard rose 13.1% to $369,900.
However, inflation and rising mortgage rates continue to affect sales. Closing sales fell 16.4% for single-family homes and 22.7% for condos and townhomes compared to this time last year.
“2021 was a record year for Space Coast real estate sales, so it’s hard to compare last year’s sales to 2022,” said Jennifer McCoy, who said McCoy Freeman Real Estate is servicing the entire Space Coast of Florida. offers.
“Mortgage rates have basically doubled over the last year, making them affordable for many buyers in today’s market,” McCoy said.
According to Freddie Mac, the average interest rate for a 30-year fixed-rate mortgage in July 2022 was 5.41%, well above the 2.87% average for the same month last year.
On the supply side of the market, additional inventories continue to rise, with year-on-year increases in July. Single-family existing home supply increased to 1.9-month supply, while existing condo and townhouse properties are his 1.8-month supply.
A quick summary from the July 2022 Brevard County Residential Report:
■ Closing sales in July 2022 were 890 units compared to 1,066 units in July 2021 July 2022 sales were down -16.5% and cash sales were down -6.6%.
■ New pending sales decreased 12.2% and new listings increased 6.1%.
■ Brevard’s median single-family home sales price rose 13.1% to $369,900 from $327,032 a year ago.
■ Monthly supply of inventory increased 72.7% to 1.9 months from 1.1 months in July 2021.
■ Traditional sales decreased -15.8% with a median sales price of $369,950.
■ Foreclosure/REO sales were down -83.3% with two completed sales and a median sales price of $139,000.
■ N/A short sale closings, 1 closing sale, median sale price of $148,800.
Brevard County Townhouse/Condo Overview for July 2022:
■ Closing sales in July 2022 were 204 units compared to 264 units in July 2021 July 2022 sales were down -22.7% and cash sales were down -29.3%.
■ New pending sales decreased 5.4% and new listings increased 2.0%.
■ The median townhome/condo sales price increased 26.0% to $302,450 from $240,038 a year ago.
■ Inventory months in July 2022 increased 28.6% from 1.4 months in July 2021 to 1.8 months.
■ Traditional sales decreased -22.8% with a median sales price of $304,900.
■ Foreclosure/REO sales were 0.0%, median sales price was $265,00, and 1 sale was completed.
■ Short sale closing is N/A, 0 closed sales in July 2022 and 0 closed sales in July 2021.
About the author
Bobby Freeman, a lifelong resident of Brevard County, has been a top real estate agent in the area for over 20 years. Since then, he has won numerous sales awards from the world’s largest real estate companies.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. With over 40 years of extensive experience in all facets of the real estate industry, she has generated over $420 million in sales and ranks in the top 1% of all realtors in Florida.
The McCoy-Freeman Group’s achievements include being a Certified Luxury Home Marketing Specialist (CLHMS), a Certified Distressed Property Expert (CDPE), an Accredited Buyers’ Representation (ABR), and Brevard County’s Best Realtor. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine and SpaceCoastDaily.com.