Fairfax County economy: Home prices up, unemployment down

Fairfax County VA economic indicatorsGraphic: Fairfax County, VA OMB

March and April brought more good economic news in Fairfax County. Numbers from the county’s Office of Management and Budget show…

Real estate

Home prices are up. The average house sold for $560,067 in April. That’s a 2.7 percent jump from a year earlier. And, even with home prices rising home sales are inching up. In April, 1,451 homes sold in the county, an increase of 0.2 percent over April of 2016. Not surprisingly, the number of days that a house is on the market is moving down. In April homes were sold after an average of 37 days on the market. Last April that average was 50 days.

Jobs

In March, the number of unemployed Fairfax County dropped 19,611 to 19,109. The unemployment rate was only 3 percent. That’s down 0.2 percent from March of 2016.

Retail sales

The taxes received from retail sales in May totaled $15.2 million. That’s up 1.2 percent from a year ago.

Economic confidence dropping, nationally

This good news comes in spite of a drop in consumer confidence across the U.S. in April.

The Conference Board’s Consumer Confidence Index, which had been climbing since the start of this year, dropped in April to 102.3. In March it had been 124.9

According to the Conference Board’s Lynn Franco, “Look i ng ahead, consumers were somewhat less optimistic about the sort-term outlook for business conditions, employment and income prospects.” But, she adds, “Despite April’s decline consumers remain confident that the economy will continue to expand in the month’s ahead.”

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About the Author

Ed Tobias
Ed Tobias brings more than four decades of reporting and news management experience to his work at FairfaxNews. Tobias managed news coverage for Associated Press Radio for over twenty years.  This included coverage of the 9/11 attacks, the Iraq War, Hurricane Katrina, the death of Princess Diana, the Challenger and Columbia shuttle disasters and national election primaries, conventions and campaigns.  He was part of the team that built AP’s on-line video operation. Prior to joining AP, Tobias was News Director at all-news WTOP in Washington, D.C. He has won two Ohio State Awards for his reporting and producing and he led coverage that won an Edward R. Murrow Award.