Fairfax housing looks like a seller’s market

Fairfax County VA economic indicatorsGraphic: Fairfax County, VA OMB

Home prices in Fairfax County were up in August, compared with a year earlier, and home listings and sales were down.

The latest report from the county’s Office of Management and Budget lists the average sales price as $568,769. That’s an increase of 2.9 percent over the August 2016 average sales price of $552,478. The prices may have risen because only 3,106 homes were listed for sale in August. That’s a decrease of 9.5 percent from the 3,431 listed in August 2016.

In August, 1,459 homes were sold in the county, a decrease of 6.5 percent from the 1,561 homes sold in August 2016.

On average, homes that sold in Fairfax County in August spent 42 days on the market. That’s seven days fewer than in August, 2016.

Unemployment

Fairfax County’s unemployment rate dropped a fraction in July, from where it was in June, sliding 0.1-percent to 3.1-percent. The actual number of people unemployed decreased from 20,571 to 20,263. The rate is down 0.2-percent compared with July, 2016.

 

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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.