Economic Indicators: Positive News In Home Sales

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The latest economic indicators report is out so you can see what’s up and what’s relatively unchanged in our economy. This new report shows positive news for home sales.

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 FY 2018 Budget became effective on July 1.

Read the Economic Indicators Report

 

What’s Up

Home Prices: The average sales price of all county homes that sold in May was $575,862, an increase of 4.9 percent over the May 2016 average sales price of $548,909.  In addition, the average May price was up 5.8 percent compared to the annual 2016 average home sales price of $544,416.

Graph showing average home sales prices in May 2016 and May 2017.

Home Sales Volume: In May, 1,817 homes were sold in the county, an increase of 8 percent over the 1,683 homes sold last May. In addition, on average, homes that sold in May were on the market for 32 days, three fewer days than the 35-day average in May 2016.

Tax Receipts: Sales tax receipts distributed to Fairfax County in June for retail purchases made in April were $14.4 million, an increase of 1.6 percent over June 2016.

 

What’s Unchanged

Jobs: Compared to March, the April unemployment rate in Fairfax County decreased 0.1 percentage point to 2.9 percent. The number of unemployed residents decreased over the month from 19,053 to 18,276. The county’s unemployment rate was up 0.1 percentage point over April 2016.

 

Learn More About Our County Budget
Watch this video to learn more about the county’s budget process:

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