Economic Indicators: Home Sales Volume Up, Prices Flat in 2016

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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, or as is the case in this report, relatively unchanged.

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.

County Executive Ed Long will present his proposed (advertised) Fiscal Year 2018 budget to the Board of Supervisors on Tuesday, Feb. 14.

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What’s Unchanged

Home Prices: During 2016, the average home sales price in the county increased 0.1 percent to $544,416 compared to 2015 when it was $544,055.

Tax Receipts: Sales Tax receipts distributed to Fairfax County in January for retail purchases made in November were $14.7 million, an increase of 0.2 percent over January 2015.

Home Sales/Days on Market: During 2016, homes were on the market 52 days before they sold, the same as in 2015.

What’s Up

Home Sales: The number of homes sold in Fairfax County during 2016 increased 6.1 percent to 15,755 compared to 14,850 in 2015.

Building Permits: The number of new single family permits issued for all of 2016 was 1,006, up 6.7 percent compared to 943 issued in 2015.

Jobs: The November unemployment rate in the county decreased 0.2 percentage point to 3.2 percent. The number of unemployed residents decreased over the month from 21,131 to 19,961.

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