Economic Indicators: Home Sale Prices Up; Unemployment is 2.9 Percent

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 economy. This new report shows positive news for home sales and our unemployment rate in Fairfax County.

These monthly economic indicators serve as one of the tools used by the Board of Supervisors, county executive and budget staff to make decisions on the county’s budget. The FY 2018 Budget became effective on July 1 and the county executive will present his proposed FY 2019 Budget to the Board of Supervisors on Feb. 20.

Read the Latest Report

 

What’s Up in Economic News 

Home Prices: The average sales price of homes sold in our county in November was $568,027, an increase of 9.6 percent over the November 2016 average sales price of $518,452.  Also of note, the average November price was up 4.3 percent compared to the annual 2016 average home sales price of $544,416.

graph showing comparison of Nov. 2017 and Nov. 2016 home prices.

Jobs: The October unemployment rate decreased 0.1 percentage point to 2.9 percent. The number of unemployed residents decreased over the month from 18,938 to 18,438. The county’s unemployment rate was down 0.4 percentage point from October 2016.

Commercial Office Market: The mid-year 2017 direct office vacancy rate decreased to 15.4 percent, down from 15.8 percent at year-end 2016. The vacancy rate has been gradually declining for three straight years and is at its lowest level since 2013.

  Tax Receipts: Through the first five months of FY 2018 (July – November), Sales Tax receipts are up 3.2 percent over FY 2017.

 Home Sales Volume:  In November, 1,114 homes were sold in Fairfax County, an increase of 4 percent over the 1,071 homes sold in November 2016.

 

What’s Down 

  Inventory of Homes for Sale: The number of active listings in our county in November was 2,245, a decrease of 16.7 percent from the 2,693 listings in November 2016.

 

Learn More 

The county has a strategic roadmap to grow and expand our economy. Learn more about the Economic Success Plan.

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