Economic Indicators: Home Sales/Prices Up, Federal Procurement Spending Down

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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. Of note is that federal procurement spending in our county has decreased for the second of the last three federal fiscal years.

These monthly reports 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.

Read the Latest Report

 

What’s Up

Home Sales: The number of homes sold in Fairfax County in August increased 15.4 percent from a year earlier.

 Home Prices: In August, the average sales price of all homes sold in Fairfax County was $552,478, a 0.9 percent increase compared to the average sales price in August 2015, which was $547,454.

 Tax Receipts: For the first two months of our county fiscal year (July and August), sales tax receipts are up 0.1 percent.

What’s Down

Federal Spending: Total federal procurement spending in Fairfax County decreased in federal FY 2015 from $23.52 billion to $22.90 billion, a decrease of 2.6 percent from FY 2014. Federal procurement spending is now 13.1 percent below the FY 2011 level.

Jobs: The county’s July unemployment rate increased to 3.2 percent. The number of unemployed residents increased over the month from 19,649 to 19,891.

Home Listings: The number of active listings of homes for sale in the county decreased 21.9 percent in August from a year ago. At the current sales rate, there is approximately a 2.2 month supply of homes for sale in the county.

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