Fairfax County job numbers remain strong but home sales cool

Fairfax County VA economic indicatorsGraphic: Fairfax County, VA OMB
The Fairfax County unemployment rate ticked up just a bit between December, 2017 and January, 2018. The number of Fairfax residents without a job rose from 16,677 to 18,330, an unemployment rise of 0.3 percent.
Despite that, the county’s unemployment rate remained under 3 percent at 2.9. That’s also down 0.3 percent compared with a year earlier. The numbers are from the Fairfax County Department of Management and Budget.
Across the Commonwealth the seasonally adjusted unemployment rate was 3.6 percent in January, unchanged from a month earlier but down 0.4 percent from the previous year. Nationally, the January unemployment rate was 4.1 percent. That’s down 0.7 percent from January of 2017.

Home sales slow compared to other metro areas

On average, homes that sold in the county in February were on the market for 62 days. This is six days fewer than the 68 day average in February 2017. Seven hundred sixty eight homes were sold, a decrease of 9.2 percent from the 846 homes sold in February 2017.

The average sales price of all homes that sold in February 2018 in Fairfax County was $532,616, a decrease of 0.6 percent from the February 2017 average sales price of $535,760. The average February price was down 6.2 percent compared to the annual 2017 average home sales price of $567,829. The number of active listings of homes for sale in the county decreased 22.9 percent in February from a year ago.

The average sales price for detached homes that sold in February 2018 was $ 702,146, a decrease of
5.2 percent from the February 2017 average of $740,783. The average sales price of attached homes
increased 1.7 percent over the same period.
Across the nation, however, home prices continue to rise. According to the S&P Case-Shiller index, prices  in 20 U.S. cities increased 6.4 percent for the year ending in January. But home prices in the D.C. metro area posted only a 2.4 percent rise. That’s a tie with the Chicago metro area for the lowest rate
gain in the index.

 

 

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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.