Economic Indicators: Home Sales Flat, Unemployment Increases Slightly

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The latest Economic Indicators report is out and 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 Fiscal Year 2017 Budget  became effective on July 1.

Work on the Fiscal Year 2018 budget is underway and budget forecasts for both the county and Fairfax County Public Schools were announced in November.

Read the Latest Report

 

What’s Up

 Tax Receipts: During the first four months of FY 2017 (July – October), sales tax receipts are up 1.2 percent over FY 2016.

 Home Sales: In October, 1,110 homes were sold in Fairfax County, a slight increase of 0.4 percent over the 1,106 homes sold in October 2015.

 Home Sales/Days on Market: On average, homes that sold in the county in October were on the market for 53 days. This is 8 days fewer than the 61 day average in October 2015.

▲ Home Prices: In October 2016, the average sales price of all homes sold in our county increased 1.5 percent compared to the average sales price in October 2015.

 

What’s Down

Jobs: The September unemployment rate in Fairfax County increased 0.1 percentage point to 3.3 percent. The number of unemployed residents increased over the month from 19,895 to 20,315.

Home Listings: The number of active listings of homes for sale in the county decreased 22 percent in October, from a year ago.

 

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