Economic Indicators: Home Sale Prices and Volume Up

economic graphic with arrows going up and down

The latest economic indicators report is out so you can see what’s up and what’s down in our local economy.

These monthly economic indicators serve as one of the tools used by our budget staff and the Board of Supervisors to make decisions on the county’s budget.

The Board of Supervisors is scheduled to vote on the new budget on May 2 and the Fiscal Year 2018 budget will be effective July 1.

What’s Up

Home Prices: The average sales price of all county homes that sold in February 2017 was $535,760, an increase of 2.9 percent over the February 2016 average sales price of $520,770.

Graph comparing home sale prices in Feb. 2017 compared to Feb. 2016.

Home Sales: In February, 846 homes were sold in Fairfax County, an increase of 1.4 percent over the 834 homes sold in February 2016.

Tax Receipts: Sales Tax receipts distributed to the county in March for retail purchases made in January were $12.9 million, an increase of 4.8 percent over March 2016.

Unemployment: Compared to December, the January unemployment rate in our county increased 0.2 percentage point to 3.2 percent. The number of unemployed residents increased over the month from 18,754 to 20,270.

 

What’s Down

Home Sales/Days on Market: On average, homes that sold in the county in February were on the market for 68 days. This is 14 days fewer than the 82 day average in February 2016.

Negative Equity: Negative equity occurs when the borrower owes more on their mortgage than their home is worth. At the end of 2016, the percentage of county homes with negative equity was 7.8 percent, down from 9.2 percent a year ago and the lowest among the major jurisdictions in our the region.

 

Read the Economic Indicators Report

 

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