Economic Indicators: Unemployment Down, Home Prices 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 recently approved FY 2018 Budget is effective on July 1.

What’s Up

Home Prices: The average sales price of all county homes that sold in April was $560,067, an increase of 2.7 percent over the April 2016 average sales price of $545,625. In addition, the average April price was up 2.9 percent compared to the annual 2016 average home sales price of $544,416.

Graph comparing home prices for April 2017 and April 2016.

Home Sales: In April, 1,451 homes were sold in our county, an increase of 0.2 percent over the 1,448 homes sold in April 2016.

Tax Receipts: Sales Tax receipts distributed to the county in May for retail purchases made in March were $15.2 million, an increase of 1.2 percent over May 2016.

 

What’s Down

Unemployment: In March, the number of unemployed residents decreased over the month from 19,611 to 19,109.  Our unemployment rate was down 0.2 percentage point from March 2016 to 3 percent.

Home Sales/Days on Market: On average, homes that sold in Fairfax County in April were on the market for 37 days. This is 13 days fewer than the 50 day average in April 2016

 

Read the Economic Indicators Report

 

Learn More About Our Budget

Watch this video to learn more about the county’s budget process:

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