The latest economic indicators report is out so you can see what’s up and what’s down in our economy this summer. This new report shows positive news for home sales and that home prices continue to be above 2016’s numbers.
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.
▲ Home Prices: The average sales price of all county homes that sold in June was $583,620, a decrease of 0.6 percent from last June’s average sales price of $587,099. However, the average June price was up 7.2 percent compared to the annual 2016 average home sales price of $544,416.
▲ Home Sales Volume: In June, 1,963 homes were sold in the county, an increase of 6.1 percent over the 1,851 homes sold in June 2016.
▲ Tax Receipts: State sales tax receipts distributed to Fairfax County in July for retail purchases made in May were $15.1 million, an increase of 2.4 percent over July 2016.
▼ Single Family Home Building Permits: During the second quarter of 2017, 281 new single family permits were issued in the county. This represents a 14.3 percent decrease from the same period of 2016.
▼ Home Sales/Days on Market: The number of active listings in the county in June was 3,332, a decrease of 15.2 percent from the 3,930 listings in June 2016. Based on the June 2017 listings and the current sales rate, there is approximately a 1.7 month supply of homes for sale in our county.
Jobs: Compared to April, the county’s May unemployment rate increased 0.2 percentage point to 3.1 percent. The number of unemployed residents increased over the month from 18,233 to 20,064. The county’s unemployment rate was up 0.1 percentage point over May 2016.