And, the Economic Monitor provides a good overview of home inventory levels, housing starts, and impact from the job market.

Transcription

1 METROPOLITAN REGIONAL INFORMATION SYSTEMS, INC Key West Avenue, Suite 200 T Rockville, Maryland F March 1, 2006 Welcome to the Q4, 2006, edition of the MRIS Quarterly Economic and Watch Report. As you will see, the sky never did actually fall on the nation s housing market in 2006, but air did come out of some inflated balloons. In his Chief Economist s Commentary, NAR s David Lereah explains why 2007 brings cautious confidence and hopefulness, as his forecast calls for modest quarterly gains throughout this year. NAR Economist Ken Fears traces mortgage rates and the psychological effect of payment shock experienced by potential buyers in his Trends report. Are the most homes being sold in the middle price ranges or in the lower price ranges? The Trends chart lets you see for yourself. And, the Economic Monitor provides a good overview of home inventory levels, housing starts, and impact from the job market. MRIS brokers and agents are welcome to quote text or recreate charts from this report for their internal use and to include selected elements in their respective marketing efforts. We ask only that you provide MRIS and NAR with the appropriate credit in the body of the new document or web page. Best regards, David Charron President/CEO

2 Economic and Watch Report 4th Quarter, 2006 *Click on a County to view economic and real estate information at the county and zip code level 2007 MRIS, Inc. and NATIONAL ASSOCIATION OF REALTORS

3 MRIS, Inc. Economic and Watch Report MRIS, owned by 25 REALTOR Shareholder Boards/Associations, is the largest multiple listing service in the nation, with nearly 60,000 licensed brokers, agents, and appraisers. Customers have access to more than 70,000 active listings and an archive of more than one-million comparable and sold properties. In excess of four-million public records containing tax information about tax properties in the MRIS coverage area. 148,649 properties were sold through MRIS in MRIS is pleased to offer this Quarterly Economic and Watch Report designed to help real estate practitioners identify current and future economic and real estate trends at that affect our industry. Index Trends... Chief Economist's Commentary*... Local Forecast... Economic Monitor*... Local Report District of Columbia District of Columbia... Maryland Allegany County... Anne Arundel County... Baltimore County... Calvert County... Caroline County... Carroll County... Cecil County... Charles County... Dorchester County... Frederick County... Garrett County... Harford County... Howard County... Kent County... Montgomery County... Prince George's County... Queen Anne's County... St. Mary's County... Talbot County... Washington County... Baltimore City

4 Pennsylvania Franklin County... Fulton County... Virginia Arlington County... Caroline County... Clarke County... Culpeper County... Fairfax County... Fauquier County... Frederick County... King George County... Loudoun County... Madison County... Orange County... Page County... Prince William County... Rappahannock County... Shenandoah County... Spotsylvania County... Stafford County... Warren County... Westmoreland County... Alexandria City... Charlottesville City... Fairfax City... Falls Church City... Fredericksburg City... Manassas City... Manassas Park City... Winchester City... West Virginia Berkeley County... Grant County... Hampshire County... Hardy County... Jefferson County... Mineral County *Reprinted from Real Estate Outlook: Trends and Insights NATIONAL ASSOCIATION OF REALTORS. Used with permission. Reproduction, reprinting, or retransmission of this article in any form (electronic media included) is prohibited without permission. For subscription information please call

5 Trends Where the Sales Are By Ken Fears Manager, Regional Economics Back in October of 2005, mortgage rates began what was to be a 10 month climb. At its peak the 30-year fixed rate mortgage reached a monthly average of 6.76%. Since then, mortgage rates have moderated and currently stand at 6.22% according to Freddie Mac. Even at this rate, though, climbing rates have done their damage. The payment-shock that potential buyers experienced when they did the numbers last fall had a large psychological effect. The monthly payments that these would-be buyers faced surged in a matter of months. For many, this increase pushed them out of the range of homeownership. While others, convinced of the instability of the market, chose to move to the sideline and wait for the market to settle. The immediate effect was a sharp decrease in sales, while prices remained relatively steady. But favorable income and employment information tells us that strong levels of demand remain lurking in the shadows, looking for buying opportunities. Furthermore there has been much speculation that sales at the upper levels have been hit hardest and that demand at the lower price ranges remains robust. Price Range Total Home Sales 2005 Q4 Total Home Sales 2006 Q4 Percentage Change <$200K 5,751 2, % $200K-$299K 8,205 7, % $300K-$399K 8,647 7, % $400K-$599K 8,140 6, % $600K> 4,706 3, % Now that the market has had a year to absorb the impact of rising mortgage rates, it is worth identifying its effects and which sectors have proven the most resilient. Based on the sales information from the fourth quarter of 2006 (October, November, and December) and comparing it with the same time period in 2005, we see that: The most homes are being sold in the middle price ranges. The fewest homes are sold in the lower price ranges. Compared to last fall, the middle price ranges have proven to be the most resilient in terms of retaining their level of sales. However, sales have softened most in the lower price range. So how has the area covered by MRIS faired relative to the rest of the country? Locally, sales are off by -20.6%, which lags the national average of -10.1%. We also find that there does not appear to be a build up of demand at the lower price levels. Looking forward, keeping monthly payments in a reasonable range will be critical to continued sales growth. With mortgage rates steady, but likely to increase moderately, some additional willingness on the part of sellers to make price concessions will help move homes. By years end, though, we expect sales growth to flatten out in most local markets and to even gain traction in a few. 1

6 2 Chief Economist s Commentary An Old Year of Contraction; A New Year of Stability by David Lereah, Chief Economist We begin the New Year with a hint of optimism. The glass was half empty in 2006 home sales fell throughout the year. But the glass looks to be half full in While property speculation has ceased, signs of a return to home buying have surfaced and inventory levels have topped out. REALTORS and lenders a like are encouraged, but guarded, about Last year was a year of contraction, a correction that was sorely needed after five years of a booming housing market expansion. Home prices were inflated and property investors (and speculators) were everywhere at the end of That set the stage for 2006 to spiral downward. Home buyers stayed on the sidelines because they could not afford the lofty-priced homes in the boom-inflicted regions. Some households also postponed buying because they believed prices would eventually drop, making them better off buying later rather than now. Property speculators fled, dumping inventories. Meanwhile, homeowners looking to sell sat stubbornly tied to their listing prices. Let s be clear, though. The sky never did actually fall in 2006 or, to use that phrase that the media love, there were no bubbles bursting. But air did come out of some inflated balloons. According to our National Association of REALTORS latest estimates for last year, existing home sales were down 8.2 percent from a year earlier. Similarly, new home sales were down 17.4 percent and housing starts were down 12.5 percent. Our nation s housing sector suffered a contraction, inhibiting over all GDP growth. But 2007 is a new year and with it brings a cautious confidence and hopefulness. Home sales appear to have bottomed out, having reached a cyclical low in September of last year. And in recent months, home sales are inching up, not down. Existing home sales experienced two consecutive monthly, albeit modest, gains from September to November. Inventories have stabilized, with the nation s months supply hovering around 7.3 months since July of last year. What all this means is that potential home buyers have amore favorable backdrop for buying today. It is now a buyers market. Sellers are more flexible now, reducing prices and/or paying part of the closing costs. High inventories are now a positive rather than a negative for property buyers. Rising inventories in 2006 reflected a deteriorating market place, keeping buyers on the sidelines. Stable inventories in 2007 represent more choices for buyers. Mortgage rates continue to hover near cyclical lows, keeping financing costs low. And depending on where you live, affordability conditions are most likely improving. Wages (income) are registering healthy rates of growth, while home price growth is flat or down, broadening a household s financial capacity to purchase property. Yes, housing was bed-ridden at the end of last year. Existing home sales hit bottom during the fourth quarter of But after a frenzied five-year real estate boom, a reasonable prescription for our nation s housing sector is regular rest and a healthy regimen of exercise. I expect housing to get back on its feet in Our forecast calls for modest quarterly gains throughout this year, but year-over-year, home sales are expected to fall by a modest 1.2 percent. New home sales are not expected to rebound until the third quarter of this year so year-over-year sales are expected to fall by a larger 9.7 percent. Looking back, 2006 was a year of contraction. But looking forward, 2007 will represent a year of stability. Cheers to the New Year. Home buyers have a more favorable backdrop for buying today. It is now a buyers market.

7 Forecast The Forecast By Lawrence Yun, Senior Research Forecaster National Outlook Despite all the news headlines over the past year about the housing market bubble and housing market slump, the final figures for 2006 actually look quite respectable. Home prices squeaked out a gain of 1.1% for the year. That would mark 39 straight years of positive home price growth out of 39 years of reliable tracking of the data. Existing home sales in 2006 posted 6.48 million units a 8.4% decline from 2005, but still the third best year on record. The more cyclical new home sales fell by 17.3% to 1.06 million in 2006 for the fourth best year on record. All in all, not that bad. With the economy and job market performing nicely, 2007 will likely bring another respectable housing year. The latest fourth quarter economic expansion was much stronger than anticipated. GDP grew by 3.5% in the fourth quarter of 2006 compared to the 2.4% originally forecast. The job market also is stronger. A regular once-a-year benchmark revision by the Labor Department shows that it had undercounted payroll employment by three quarters of a million people for most of That s almost like saying that all of the jobs in the Super-Bowl celebrating Indianapolis area were left out of the original count and are only now being added to the official figures. The current unemployment rate of 4.6% and the 2.15 million net new job additions over the past 12 months are both indications that the state of the U.S. economy is all fine and good. Record stock market and record housing market valuations also lifted the aggregate U.S. household net worth to $54 trillion the highest ever. That is five times as high as the U.S. annual consumption. In another words, we have enough wealth to buy the same amount of things and maintain the same standard of living for the next five years without even bothering to work. But the U.S. will be working. It is part of the American spirit to want to accumulate even more wealth. Job additions overall should be close to 2 million in With mortgage rates projected to remain favorable throughout 2007 (averaging 6.6%), the 2 million new jobs would typically lead to 250, ,000 more home sales. But we are still in an atypical year with a high housing inventory overhang brought on by the exit of investors/speculators. The inventory needs to thin out before the housing market revs back up to cruising speed. Home sales are, therefore, projected to not increase in But come 2008 and beyond, a steady 3% to 5% increase in home sales will be the norm. Home prices by then will also begin to outpace CPI inflation growth. Housing will again prove it can provide attractive long-term investment returns. Local Outlook About 10% of all home sales were for second homes (investor rental homes and vacations homes) in the past three years in the local area. Therefore, there is a little risk of investor dumping properties onto the market over the short term. With the job growth continuing to move nicely, the worst in the housing market appears to be at its end. Home sales will steadily strengthen from the second half of Home sales will rise 2% in 2007 and then 5% in Price growth will be sluggish in 2007 in order to work off the excess inventory, but will easily outpace the inflation rate by 2008, and thereby providing solid financial returns to ownership. 3

8 Forecast Economic and Housing Outlook: February Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q U.S. Economy Annual Growth Rate Real GDP Nonfarm Payroll Employment Consumer Prices Real Disposable Income Consumer Confidence Percent Unemployment Rate Interest Rates, Percent Fed Funds Rate Month T-Bill Rate Prime Rate Corporate Aaa Bond Yield Year Government Bond Year Government Bond Mortgage Rates, percent 30-Year Fixed Rate Year Adjustable National Housing Indicators Thousands Existing Single-Family Sales 6,790 6,687 6,280 6,243 6,354 6,373 6,466 6,550 7, ,635 New Single-Family Sales 1,111 1,100 1,007 1, , Housing Starts 2,123 1,873 1,714 1,564 1,518 1,500 1,510 1,530 2, ,515 1,562 Single-Family Units 1,747 1,530 1,401 1,233 1,196 1,165 1,168 1,186 1, ,179 1,216 Multifamily Units Residential Construction* Percent Change -- Year Ago Existing Single-Family Sales New Single-Family Sales Housing Starts Single-Family Units Multifamily Units Residential Construction National Home Prices Thousands of Dollars Existing Home Prices New Home Prices Percent Change -- Year Ago Existing Home Prices New Home Prices Local Region Payroll Jobs (in thousands) Home Sales Home Prices (in thousand $) Percent Change -- Year Ago Jobs 2.6% 2.5% 2.4% 2.3% 2.2% 2.2% 2.3% 2.3% 2.3% 2.5% 2.3% 2.2% Home Sales -9.4% -17.5% -22.6% -19.2% -3.2% 2.0% 4.5% 5.3% 4.8% -17.8% 2.3% 4.9% Home Prices 5.5% 0.1% -8.5% -8.2% -3.7% -1.3% 1.7% 2.3% 14.9% -3.4% -0.2% 3.8% Quarterly figures are seasonally adjusted annual rates. * Billion dollars Source: Forecast produced using Macroeconomic Advisers quarterly model of the U.S. economy. Assumptions and simulations by Dr. David Lereah and Dr. Lawrence Yun. 4

9 This table reflects data available through January 5, Economic Monitor Monthly Indicator Existing Home Sales rose for a second consecutive month in November,posting 6.28 million units (seasonally adjusted annualized rate). Sales have been bouncing around the million level for the past five months, indicating the market is stabilizing. Housing inventory decreased by 40,000 units, and is at a 7.3 months supply at the current sales pace. Recent Statistics Oct 06 6,240 Nov 06 6,280 Nov 05 7,030 Likely Direction Over the Next Six Months Forecast Modest but steady rise New Home Sales posted 1.05 million units in November (seasonally adjusted annualized rate) a 3.4% increase from October s pace and the third monthly increase in the past four months. New home inventory fell to a 6.3 months supply, higher than the level a year ago, but very close to a balanced market. Housing Starts rose 7% in November after having tumbled in October.Total starts posted million units (seasonally adjusted, annualized). Multifamily starts were essentially unchanged, while singlefamily units rose by 96,000. Even so, housing starts are 26% lower than they were a year ago. Oct 06 1,013 Nov 06 1,047 Nov 05 1,236 Oct 06 1,488 Nov 06 1,588 Nov 05 2,131 Fewer new homes being built and fewer new home sales opportunity More cuts needed to bring down excessive inventory Housing Affordability continues to improve. NAR s housing affordability index was in November the fourth consecutive monthly increase and above the level in November The increase is due to continuing low interest rates, and home price declines. Oct Nov Nov Wages growing at 4% more than double the pace of home price growth of 1% to 2% Purchase Applications The Mortgage Bankers Association s purchase applications index rose in December to its highest level in 12 months to Declining mortgage rates and strong job growth contributed to both purchase and refinance activities. Nov Dec Dec Rising existing home sales (85% of the market) more than offset thedeclining new home sales. Employment Non-farm payrolls increased by 167,000 in December beating most analysts expectations. November s job creation figure was revised upward by 30,000. From December 2005 to December 2006, 1.8 million net new jobs were added to the economy. Mortgage Rates The 30-year fixed mortgage rate dipped to 6.14% in December its lowest level since October The one-year adjustable rate was 5.45% in December.The slower housing market compared to a year ago is helping keep rates low. Long-term rates are expected to rise moderately in 2007 to the mid 6% range. Inflation The consumer price index (CPI) was flat in November, as was the core index, which excludes the food and energy components. Energy prices decreased slightly by 0.2% in November. Price growth will likely average a mild 0.2% monthly increase over the next three months, assuming moderate increases in fuel and heating costs as the winter gets into full swing. Nov Dec Dec Nov Dec Dec Oc % Nov % Nov % Job gains to be similar in the coming months Slow rise, but comfortable below 7% for Inflation declining, partly helped by tumbling oil prices Notes: All rate are seasonally adjusted. New home sales, existing home sales, and housing starts are shown in thousands. Employment growth is shown as month-to-month change in thousands. Inflation is shown as the month-to-month change in the Consumer Price Index. Sources: NAR, Bureau of the Census, Bureau of Labor Statistics, Freddie Mac, and the Mortgage Bankers Association 5

10 District of Columbia, DC Labor : In the first two months of the fourth quarter, 107 jobs were added to the payrolls of Washington. As a result of these new jobs, the average monthly unemployment rate fell from 6.1% during the third quarter to 5.7% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $533,700 $495,000 # Homes on the * 4,088 3,516 # ** 2,014 1,663 # New Homes Built Avg # of Days on Data by s for Q on $468, % % % $438, % % % $537, % % % $359, % % % $474, % % % $201, % % % $894, % % % $842, % % % $529, % % % % Change of current quarter compared to the same quarter to year ago. 6

11 District of Columbia, DC Data by s for Q on $472, % % % $385, % % % $521, % % % $783, % % % $692, % % % $343, % % % $369, % % % $235, % % % $296, % % % $322, % % % $238, % % % $376, % % % $571, % % % $290, % $475, % % % % Change of current quarter compared to the same quarter to year ago. 7

12 Allegany County, MD Labor : In the first two months of the fourth quarter, 270 jobs were added to the payrolls of Allegany County. As a result of these new jobs, the average monthly unemployment rate fell from 5.5% during the third quarter to 5% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $118,500 $110,200 # Homes on the * # ** # New Homes Built 6 0 Avg # of Days on Data by s for Q on $106, % % % $62, % % % $101, % % % $360, % % % $112, % % % $53, % % % $253, % % % $158, % % % $93, % % % % Change of current quarter compared to the same quarter to year ago. 8

13 Anne Arundel County, MD Labor : In the first two months of the fourth quarter, 1,962 jobs were added to the payrolls of Anne Arundel County. As a result of these new jobs, the average monthly unemployment rate fell from 3.7% during the third quarter to 3.3% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $426,300 $410,200 # Homes on the * 4,822 3,877 # ** 2,101 1,745 # New Homes Built Avg # of Days on Data by s for Q on $463, % % % $370, % % % $411, % % % $449, % % % $352, % % % $353, % % % $449, % $601, % % % $479, % % % % Change of current quarter compared to the same quarter to year ago. 9

14 Anne Arundel County, MD Data by s for Q on $466, % % % $677, % % % $711, % % % $501, % % % $510, % % % $273, % % % $282, % % % $440, % % % $342, % % % $427, % % % $346, % % % $362, % % % $357, % % % $455, % % % $356, % % % $497, % % % $296, % % % $593, % % % $494, % % % $852, % OTHER $349, % % % % Change of current quarter compared to the same quarter to year ago. 10

15 Baltimore County, MD Labor : In the first two months of the fourth quarter, 2,968 jobs were added to the payrolls of Baltimore County. As a result of these new jobs, the average monthly unemployment rate fell from 4.3% during the third quarter to 3.9% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $310,100 $300,000 # Homes on the * 4,521 3,684 # ** 2,684 2,310 # New Homes Built Avg # of Days on Data by s for Q on $470, % $466, % % % $630, % $529, % % % $546, % % % $494, % % % $437, % % % $436, % % % $700, % % % % Change of current quarter compared to the same quarter to year ago. 11

16 Baltimore County, MD Data by s for Q on $349, % % % $535, % % % $374, % % % $611, % % % $282, % % % $341, % % % $424, % % % $1,795, % $307, % % % $401, % % % $501, % % % $222, % % % $314, % % % $298, % % % $230, % % % $214, % % % $176, % % % $233, % % % $323, % % % $232, % % % $260, % % % $277, % % % $254, % % % $333, % % % OTHER $286, % % % % Change of current quarter compared to the same quarter to year ago. 12

17 Calvert County, MD Labor : In the first two months of the fourth quarter, 293 jobs were added to the payrolls of Calvert County. As a result of these new jobs, the average monthly unemployment rate fell from 3.3% during the third quarter to 2.8% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $396,500 $383,900 # Homes on the * 1, # ** # New Homes Built Avg # of Days on Data by s for Q on $450, % % % $539, % % % $290, % % % $350, % % % $366, % % % $362, % % % $320, % % % $481, % % % $339, % % % % Change of current quarter compared to the same quarter to year ago. 13

18 Calvert County, MD Data by s for Q on $387, % % % $671, % % % $579, % % % % Change of current quarter compared to the same quarter to year ago. 14

19 Caroline County, MD Labor : Caroline County saw 61 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 4.3% during the third quarter to 4.2% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $258,500 $236,000 # Homes on the * # ** # New Homes Built 6 6 Avg # of Days on Data by s for Q on $268, % % % $133, % % % $191, % % % $221, % % % $165, % % % $215, % % % $196, % % % $259, % % % $271, % % % % Change of current quarter compared to the same quarter to year ago. 15

20 Caroline County, MD Data by s for Q on OTHER $462, % % % % Change of current quarter compared to the same quarter to year ago. 16

21 Carroll County, MD Labor : In the first two months of the fourth quarter, 652 jobs were added to the payrolls of Carroll County. As a result of these new jobs, the average monthly unemployment rate fell from 3.3% during the third quarter to 2.9% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $358,000 $357,800 # Homes on the * 1,321 1,074 # ** # New Homes Built Avg # of Days on Data by s for Q on $469, % % % $269, % % % $360, % % % $423, % % % $353, % % % $350, % % % $355, % % % $416, % % % $264, % % % % Change of current quarter compared to the same quarter to year ago. 17

22 Carroll County, MD Data by s for Q on $308, % % % OTHER $390, % % % % Change of current quarter compared to the same quarter to year ago. 18

23 Cecil County, MD Labor : In the first two months of the fourth quarter, 503 jobs were added to the payrolls of Cecil County. As a result of these new jobs, the average monthly unemployment rate fell from 4.6% during the third quarter to 4.1% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $311,400 $284,700 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $279, % % % $199, % % % $355, % % % $286, % % % $588, % % % $280, % % % $289, % % % $306, % % % $275, % % % % Change of current quarter compared to the same quarter to year ago. 19

24 Cecil County, MD Data by s for Q on $368, % % % $431, % % % $259, % % % % Change of current quarter compared to the same quarter to year ago. 20

25 Charles County, MD Labor : In the first two months of the fourth quarter, 459 jobs were added to the payrolls of Charles County. As a result of these new jobs, the average monthly unemployment rate fell from 3.4% during the third quarter to 3% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $360,300 $357,500 # Homes on the * 1,471 1,257 # ** # New Homes Built Avg # of Days on Data by s for Q on $340, % % % $296, % % % $403, % % % $314, % % % $395, % % % $335, % % % $605, % % % $270, % % % $461, % % % % Change of current quarter compared to the same quarter to year ago. 21

26 Charles County, MD Data by s for Q on $386, % % % $266, % % % $283, % % % $266, % % % $363, % % % $542, % % % $562, % % % $412, % % % OTHER $594, % % % % Change of current quarter compared to the same quarter to year ago. 22

27 Dorchester County, MD Labor : Dorchester County saw 110 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 5.5% during the third quarter to 5.2% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $250,100 $238,700 # Homes on the * # ** # New Homes Built 0 0 Avg # of Days on Data by s for Q on $240, % % % $176, % % % $314, % % % $570, % % % $191, % % % $156, % % % $147, % % % $461, % $75, % % Change of current quarter compared to the same quarter to year ago. 23

28 Dorchester County, MD Data by s for Q on $300, % % % OTHER $200, % % % % Change of current quarter compared to the same quarter to year ago. 24

29 Frederick County, MD Labor : In the first two months of the fourth quarter, 404 jobs were added to the payrolls of Frederick County. As a result of these new jobs, the average monthly unemployment rate fell from 3.2% during the third quarter to 3% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $373,200 $354,200 # Homes on the * 2,205 1,764 # ** # New Homes Built Avg # of Days on Data by s for Q on $332, % % % $329, % % % $307, % % % $510, % % % $487, % % % $482, % % % $230, % % % $410, % $390, % % Change of current quarter compared to the same quarter to year ago. 25

30 Frederick County, MD Data by s for Q on $273, % % % $559, % % % $406, % % % $362, % % % $156, % % % $417, % % % $433, % % % $407, % % % $330, % % % $353, % % % $492, % % % $734, % % % $345, % % % $301, % % % $460, % $310, % % % $636, % % % OTHER $480, % % % % Change of current quarter compared to the same quarter to year ago. 26

31 Garrett County, MD Labor : Garrett County saw 455 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 4.4% during the third quarter to 4.1% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $414,100 $438,700 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $233, % % % $320, % % % $158, % % % $191, % % % $439, % % % $389, % % % $850, % % % OTHER $167, % % % % Change of current quarter compared to the same quarter to year ago. 27

32 Harford County, MD Labor : In the first two months of the fourth quarter, 910 jobs were added to the payrolls of Harford County. As a result of these new jobs, the average monthly unemployment rate fell from 3.9% during the third quarter to 3.4% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $303,400 $290,200 # Homes on the * 2,092 1,808 # ** # New Homes Built Avg # of Days on Data by s for Q on $194, % % % $272, % % % $298, % % % $348, % % % $209, % % % $450, % % % $483, % % % $186, % % % $421, % % % % Change of current quarter compared to the same quarter to year ago. 28

33 Harford County, MD Data by s for Q on $393, % % % $275, % % % $481, % % % $289, % % % $389, % % % $456, % % % $190, % % % $501, % % % OTHER $387, % % % % Change of current quarter compared to the same quarter to year ago. 29

34 Howard County, MD Labor : In the first two months of the fourth quarter, 1,101 jobs were added to the payrolls of Howard County. As a result of these new jobs, the average monthly unemployment rate fell from 3% during the third quarter to 2.7% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $460,500 $446,700 # Homes on the * 2,145 1,648 # ** 1, # New Homes Built Avg # of Days on Data by s for Q on $366, % % % $837, % % % $329, % % % $924, % % % $331, % % % $744, % % % $365, % % % $602, % % % $446, % % % % Change of current quarter compared to the same quarter to year ago. 30

35 Howard County, MD Data by s for Q on $383, % % % $333, % % % $348, % % % $372, % % % $500, % % % $750, % % % $1,043, % % % $1,676, % % % $892, % % % $652, % % % OTHER $550, % % % % Change of current quarter compared to the same quarter to year ago. 31

36 Kent County, MD Labor : Kent County saw 56 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 3.7% during the third quarter to 3.3% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $397,100 $350,300 # Homes on the * # ** # New Homes Built 3 5 Avg # of Days on Data by s for Q on $425, % % % $297, % % % $323, % % % $202, % % % $277, % % % $142, % % % % Change of current quarter compared to the same quarter to year ago. 32

37 Montgomery County, MD Labor : In the first two months of the fourth quarter, 1,704 jobs were added to the payrolls of Montgomery County. As a result of these new jobs, the average monthly unemployment rate fell from 3.1% during the third quarter to 2.8% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $538,800 $512,400 # Homes on the * 6,562 4,776 # ** 3,590 2,914 # New Homes Built Avg # of Days on Data by s for Q on $792, % % % $676, % % % $1,050, % % % $972, % % % $874, % % % $420, % % % $618, % % % $597, % % % $668, % % % % Change of current quarter compared to the same quarter to year ago. 33

38 Montgomery County, MD Data by s for Q on $474, % % % $531, % % % $410, % % % $463, % % % $504, % % % $1,068, % % % $556, % % % $863, % $944, % % % $393, % % % $544, % % % $426, % % % $342, % % % $412, % % % $387, % % % $491, % % % $373, % % % $949, % $731, % % % $324, % % % $481, % % % $810, % % % $445, % % % $425, % % % $464, % % % $448, % % % $629, % % % $376, % % % $463, % % % $431, % % % % Change of current quarter compared to the same quarter to year ago. 34

39 Prince George's County, MD Labor : In the first two months of the fourth quarter, 2,813 jobs were added to the payrolls of Prince George's County. As a result of these new jobs, the average monthly unemployment rate fell from 4.4% during the third quarter to 4.3% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $342,400 $347,700 # Homes on the * 5,299 4,416 # ** 3,281 2,864 # New Homes Built Avg # of Days on Data by s for Q on $453, % % % $452, % % % $485, % % % $381, % % % $370, % % % $329, % % % $375, % % % $220, % % % $346, % % % % Change of current quarter compared to the same quarter to year ago. 35

40 Prince George's County, MD Data by s for Q on $377, % % % $361, % % % $471, % % % $496, % % % $313, % % % $391, % % % $353, % % % $347, % % % $252, % % % $414, % % % $280, % % % $283, % % % $263, % % % $288, % % % $574, % % % $270, % % % $385, % % % $377, % % % $312, % % % $371, % % % $323, % % % $282, % % % $254, % % % OTHER $340, % % % % Change of current quarter compared to the same quarter to year ago. 36

41 Queen Anne's County, MD Labor : In the first two months of the fourth quarter, 178 jobs were added to the payrolls of Queen Anne's County. As a result of these new jobs, the average monthly unemployment rate fell from 3.3% during the third quarter to 3% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $496,000 $438,500 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $446, % % % $356, % % % $329, % % % $210, % % % $502, % % % $300, % % % $651, % % % $515, % % % $258, % % % % Change of current quarter compared to the same quarter to year ago. 37

42 Queen Anne's County, MD Data by s for Q on OTHER $219, % % % % Change of current quarter compared to the same quarter to year ago. 38

43 St. Mary's County, MD Labor : St Mary's County saw 237 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 3.7% during the third quarter to 3.2% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $347,100 $346,400 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $325, % % % $164, % % % $323, % % % $289, % % % $255, % % % $287, % $228, % % % $430, % % % $311, % % % % Change of current quarter compared to the same quarter to year ago. 39

44 St. Mary's County, MD Data by s for Q on $408, % % % $418, % % % $281, % % % $393, % % % $1,330, % % % $257, % % % $245, % % % $350, % % % $393, % % % $596, % % % $439, % % Change of current quarter compared to the same quarter to year ago. 40

45 Talbot County, MD Labor : Talbot County saw 294 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 3.3% during the third quarter to 3.1% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $581,500 $611,600 # Homes on the * # ** # New Homes Built 0 0 Avg # of Days on Data by s for Q on $532, % % % $1,053, % % % $2,020, % $329, % % % $206, % % % $1,650, % % % $850, % % % $1,336, % % % $880, % % % $285, % % % % Change of current quarter compared to the same quarter to year ago. 41

46 Talbot County, MD Data by s for Q on $405, % % % $449, % % % $275, % % % $238, % % % OTHER $80, % % % % Change of current quarter compared to the same quarter to year ago. 42

47 Washington County, MD Labor : Washington County saw 37 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 4.5% during the third quarter to 4% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $257,100 $248,800 # Homes on the * 1,368 1,207 # ** # New Homes Built Avg # of Days on Data by s for Q on $386, % % % $278, % % % $207, % % % $241, % % % $362, % % % $267, % % % $207, % % % $288, % % % $191, % % % $367, % % % % Change of current quarter compared to the same quarter to year ago. 43

48 Washington County, MD Data by s for Q on $188, % % % $425, % % % $309, % % % $275, % % % $253, % % % OTHER $237, % % % % Change of current quarter compared to the same quarter to year ago. 44

49 Baltimore City, MD Labor : In the first two months of the fourth quarter, 1,889 jobs were added to the payrolls of Baltimore City. As a result of these new jobs, the average monthly unemployment rate fell from 7.2% during the third quarter to 6.4% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $190,800 $181,200 # Homes on the * 5,832 5,156 # ** 2,381 2,089 # New Homes Built Avg # of Days on Data by s for Q on $334, % % % $258, % % % $70, % % % $165, % % % $334, % % % $373, % % % $195, % % % $188, % % % $99, % % % % Change of current quarter compared to the same quarter to year ago. 45

50 Baltimore City, MD Data by s for Q on $205, % % % $137, % % % $95, % % % $160, % % % $200, % % % $85, % % % $234, % % % $103, % % % $137, % % % $258, % % % $288, % % % $158, % % % OTHER $180, % % % % Change of current quarter compared to the same quarter to year ago. 46

51 Franklin County, PA Labor : Franklin County saw 252 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 3.2% during the third quarter to 3.1% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $204,600 $209,000 # Homes on the * 1,175 1,102 # ** # New Homes Built Avg # of Days on Data by s for Q on $207, % % % $183, % % % $70, % % % $126, % $189, % % % $194, % % % $246, % % % $268, % % % $151, % % % % Change of current quarter compared to the same quarter to year ago. 47

52 Franklin County, PA Data by s for Q on $235, % % % $110, % % % $68, % % % $155, % % % $148, % % % $162, % $205, % $193, % % % OTHER $176, % % % % Change of current quarter compared to the same quarter to year ago. 48

53 Fulton County, PA Labor : Fulton County saw 96 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 4% during the third quarter to 3.8% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $149,500 $205,100 # Homes on the * # ** # New Homes Built 0 0 Avg # of Days on Data by s for Q on $304, % % % $169, % $41, % % % $100, % % % $358, % % % $245, % % % OTHER $59, % % Change of current quarter compared to the same quarter to year ago. 49

54 Arlington County, VA Labor : In the first two months of the fourth quarter, 17 jobs were added to the payrolls of Arlington County. As a result of these new jobs, the average monthly unemployment rate fell from 2.3% during the third quarter to 2% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $513,100 $547,800 # Homes on the * 1,601 1,161 # ** # New Homes Built Avg # of Days on Data by s for Q on $612, % % % $439, % % % $450, % % % $433, % % % $670, % % % $384, % % % $773, % % % $582, % % % $580, % % % % Change of current quarter compared to the same quarter to year ago. 50

55 Caroline County, VA Labor : In the first two months of the fourth quarter, 47 jobs were added to the payrolls of Caroline County. As a result of these new jobs, the average monthly unemployment rate fell from 3.2% during the third quarter to 3.1% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $268,500 $268,900 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $278, % % % $266, % % % $271, % % % $212, % % % OTHER $332, % % % % Change of current quarter compared to the same quarter to year ago. 51

56 Clarke County, VA Labor : In the first two months of the fourth quarter, 1 jobs were added to the payrolls of Clarke County. As a result of these new jobs, the average monthly unemployment rate fell from 2.3% during the third quarter to 2.2% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $506,300 $342,000 # Homes on the * # ** # New Homes Built 21 7 Avg # of Days on Data by s for Q on $270, % % % $291, % % % $436, % % % $305, % % Change of current quarter compared to the same quarter to year ago. 52

57 Culpeper County, VA Labor : Culpeper County saw 56 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 3% during the third quarter to 2.8% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $344,600 $389,600 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $380, % % % $358, % % % $423, % % % $408, % % % $459, % % % $450, % % % $655, % % % $463, % % % OTHER $453, % % % % Change of current quarter compared to the same quarter to year ago. 53

58 Fairfax County, VA Labor : In the first two months of the fourth quarter, 81 jobs were added to the payrolls of Fairfax County. As a result of these new jobs, the average monthly unemployment rate fell from 2.3% during the third quarter to 2% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $535,900 $534,000 # Homes on the * 10,134 7,140 # ** 4,007 3,428 # New Homes Built Avg # of Days on Data by s for Q on $451, % % % $384, % % % $591, % % % $460, % % % $460, % % % $512, % % % $426, % % % $432, % % % $501, % % % % Change of current quarter compared to the same quarter to year ago. 54

59 Fairfax County, VA Data by s for Q on $498, % % % $485, % % % $893, % % % $512, % % % $520, % % % $467, % % % $822, % % % $440, % % % $469, % % % $533, % % % $454, % % % $610, % % % $1,422, % % % $532, % % % $1,039, % % % $703, % % % $629, % % % $483, % % % $498, % % % $432, % % % $467, % % % $692, % % % $645, % % % $819, % % % $370, % % % $432, % % % $524, % % % $670, % % % $443, % % % $469, % % % $485, % % % $502, % % % OTHER $552, % % % % Change of current quarter compared to the same quarter to year ago. 55

60 Fauquier County, VA Labor : In the first two months of the fourth quarter, 5 jobs were added to the payrolls of Fauquier County. As a result of these new jobs, the average monthly unemployment rate fell from 2.4% during the third quarter to 2.1% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $514,800 $457,800 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $496, % % % $468, % % % $1,100, % % % $2,450, % $1,687, % % % $870, % % % $386, % % % $434, % % % $3,100, % % 1, % % Change of current quarter compared to the same quarter to year ago. 56

61 Fauquier County, VA Data by s for Q on $1,605, % $310, % % % $393, % % % $294, % % % $355, % % % OTHER $471, % % % % Change of current quarter compared to the same quarter to year ago. 57

62 Frederick County, VA Labor : Frederick County saw 42 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 2.7% during the third quarter to 2.3% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $306,800 $315,600 # Homes on the * 1,260 1,061 # ** # New Homes Built Avg # of Days on Data by s for Q on $306, % % % $355, % % % $408, % % % $365, % % % $235, % % % $367, % % % $258, % $298, % % % $366, % % % % Change of current quarter compared to the same quarter to year ago. 58

63 Frederick County, VA Data by s for Q on OTHER $274, % % % % Change of current quarter compared to the same quarter to year ago. 59

64 King George County, VA Labor : King George County saw 49 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 3% during the third quarter to 2.7% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $355,700 $346,100 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $185, % $348, % % % % Change of current quarter compared to the same quarter to year ago. 60

65 Loudoun County, VA Labor : In the first two months of the fourth quarter, 20 jobs were added to the payrolls of Loudoun County. As a result of these new jobs, the average monthly unemployment rate fell from 1.8% during the third quarter to 1.6% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $529,700 $509,500 # Homes on the * 4,693 3,430 # ** 1,277 1,264 # New Homes Built Avg # of Days on Data by s for Q on $559, % % % $623, % % % $255, % % % $617, % % % $537, % % % $1,125, % $467, % % % $608, % % % $552, % % % % Change of current quarter compared to the same quarter to year ago. 61

66 Loudoun County, VA Data by s for Q on $643, % % % $381, % % % $458, % % % $523, % % % $514, % % % $543, % % % $850, % $561, % % % $1,051, % % % OTHER $593, % % % % Change of current quarter compared to the same quarter to year ago. 62

67 Madison County, VA Labor : Madison County saw 26 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 2.7% during the third quarter to 2.3% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $298,100 $383,400 # Homes on the * # ** # New Homes Built 0 0 Avg # of Days on Data by s for Q on $438, % % % $52, % % % $368, % % % $265, % $239, % $419, % % % $650, % $264, % % % $363, % % Change of current quarter compared to the same quarter to year ago. 63

68 Madison County, VA Data by s for Q on $230, % % % OTHER $487, % % % % Change of current quarter compared to the same quarter to year ago. 64

69 Orange County, VA Labor : Orange County saw 92 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 2.9% during the third quarter to 2.5% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $312,500 $281,100 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $225, % $327, % % % $280, % % % $279, % % % $253, % % % $198, % % % OTHER $490, % % % % Change of current quarter compared to the same quarter to year ago. 65

70 Page County, VA Labor : Employment declined by 135 jobs in October and November. The job losses brought about an increase in the average monthly unemployment rate from 4% in the third quarter to 4.1% for the first two months of the fourth quarter. Despite the job losses, the job situation still remains strong in Page County. Combined with relatively low mortgage rates, home sales should plateau at a strong level. Housing : $229,500 $185,000 # Homes on the * # ** # New Homes Built 0 0 Avg # of Days on Data by s for Q on $40, % % % $203, % % % $179, % % % % Change of current quarter compared to the same quarter to year ago. 66

71 Prince William County, VA Labor : In the first two months of the fourth quarter, 26 jobs were added to the payrolls of Prince William County. As a result of these new jobs, the average monthly unemployment rate fell from 2.4% during the third quarter to 2.1% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $422,500 $412,600 # Homes on the * 5,739 4,351 # ** 1,591 1,367 # New Homes Built Avg # of Days on Data by s for Q on $328, % % % $435, % % % $511, % % % $425, % % % $752, % % % $457, % % % $536, % % % $583, % % % $366, % % % % Change of current quarter compared to the same quarter to year ago. 67

72 Prince William County, VA Data by s for Q on $396, % % % $224, % % % $479, % % % $389, % % % $384, % % % $378, % % % OTHER $404, % % % % Change of current quarter compared to the same quarter to year ago. 68

73 Rappahannock County, VA Labor : In the first two months of the fourth quarter, 55 jobs were added to the payrolls of Rappahannock County. As a result of these new jobs, the average monthly unemployment rate fell from 2.5% during the third quarter to 2% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $1,005,200 $731,900 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $265, % % % $260, % % % $1,675, % % % $650, % % % $817, % % % $655, % % % OTHER $663, % % % % Change of current quarter compared to the same quarter to year ago. 69

74 Shenandoah County, VA Labor : Shenandoah County saw 52 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 3.2% during the third quarter to 2.9% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $272,500 $246,800 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $162, % % % $260, % % % $273, % % % $302, % % % $268, % % % $185, % % % $216, % % % $211, % % % $181, % % % % Change of current quarter compared to the same quarter to year ago. 70

75 Shenandoah County, VA Data by s for Q on $246, % % % % Change of current quarter compared to the same quarter to year ago. 71

76 Spotsylvania County, VA Labor : In the first two months of the fourth quarter, 9 jobs were added to the payrolls of Spotsylvania County. As a result of these new jobs, the average monthly unemployment rate fell from 2.2% during the third quarter to 2% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $347,300 $340,700 # Homes on the * 1,627 1,256 # ** # New Homes Built Avg # of Days on Data by s for Q on $326, % % % $329, % % % $287, % % % $371, % % % OTHER $401, % % % % Change of current quarter compared to the same quarter to year ago. 72

77 Stafford County, VA Labor : In the first two months of the fourth quarter, 8 jobs were added to the payrolls of Stafford County. As a result of these new jobs, the average monthly unemployment rate fell from 2.3% during the third quarter to 2% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $387,400 $385,200 # Homes on the * 1,726 1,474 # ** # New Homes Built Avg # of Days on Data by s for Q on $336, % % % $395, % % % $394, % % % $405, % % % % Change of current quarter compared to the same quarter to year ago. 73

78 Warren County, VA Labor : In the first two months of the fourth quarter, 3 jobs were added to the payrolls of Warren County. As a result of these new jobs, the average monthly unemployment rate fell from 2.9% during the third quarter to 2.7% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $296,400 $299,300 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $538, % % % $269, % % % $318, % % % $334, % % % OTHER $323, % % % % Change of current quarter compared to the same quarter to year ago. 74

79 Westmoreland County, VA Labor : Westmoreland County saw 86 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 3.6% during the third quarter to 3.3% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $268,500 $264,600 # Homes on the * # ** # New Homes Built 0 0 Avg # of Days on Data by s for Q on $258, % % % $187, % % % $303, % % % $199, % % Change of current quarter compared to the same quarter to year ago. 75

80 Alexandria City, VA Labor : In the first two months of the fourth quarter, 12 jobs were added to the payrolls of Alexandria City. As a result of these new jobs, the average monthly unemployment rate fell from 2.5% during the third quarter to 2.2% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $497,500 $485,800 # Homes on the * 1,503 1,111 # ** # New Homes Built Avg # of Days on Data by s for Q on $549, % % % $425, % % % $417, % % % $493, % % % $517, % % % $606, % % % OTHER $272, % % % % Change of current quarter compared to the same quarter to year ago. 76

81 Charlottesville City, VA Labor : In the first two months of the fourth quarter, 557 jobs were added to the payrolls of Charlottesville City. As a result of these new jobs, the average monthly unemployment rate fell from 4.3% during the third quarter to 3.2% for October and November. The strong employment climate may help to create demand for home purchases. Housing : NA $140,000 # Homes on the * NA 9 # ** NA 2 # New Homes Built NA 0 Avg # of Days on NA 139 Data by s for Q on $140, % % Change of current quarter compared to the same quarter to year ago. 77

82 Fairfax City, VA Labor : In the first two months of the fourth quarter, 2 jobs were added to the payrolls of Fairfax City. As a result of these new jobs, the average monthly unemployment rate fell from 2.8% during the third quarter to 2.3% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $536,000 $465,000 # Homes on the * # ** # New Homes Built 6 9 Avg # of Days on Data by s for Q on $451, % % % OTHER $492, % % % % Change of current quarter compared to the same quarter to year ago. 78

83 Falls Church City, VA Labor : In the first two months of the fourth quarter, 1 jobs were added to the payrolls of Falls Church City. As a result of these new jobs, the average monthly unemployment rate fell from 3% during the third quarter to 2.8% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $611,100 $673,400 # Homes on the * # ** # New Homes Built 6 3 Avg # of Days on Data by s for Q on $575, % $695, % % % OTHER $295, % % % % Change of current quarter compared to the same quarter to year ago. 79

84 Fredericksburg City, VA Labor : In the first two months of the fourth quarter, 2 jobs were added to the payrolls of Fredericksburg City. As a result of these new jobs, the average monthly unemployment rate fell from 4.2% during the third quarter to 3.7% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $457,900 $353,500 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $348, % % % OTHER $500, % % % % Change of current quarter compared to the same quarter to year ago. 80

85 Manassas City, VA Labor : In the first two months of the fourth quarter, 3 jobs were added to the payrolls of Manassas City. As a result of these new jobs, the average monthly unemployment rate fell from 2.7% during the third quarter to 2.3% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $359,700 $344,600 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $344, % % % OTHER $369, % % % % Change of current quarter compared to the same quarter to year ago. 81

86 Manassas Park City, VA Labor : In the first two months of the fourth quarter, 1 jobs were added to the payrolls of Manassas Park City. As a result of these new jobs, the average monthly unemployment rate fell from 2.2% during the third quarter to 1.9% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $385,900 $362,900 # Homes on the * # ** # New Homes Built 16 8 Avg # of Days on Data by s for Q on OTHER $362, % % % % Change of current quarter compared to the same quarter to year ago. 82

87 Winchester City, VA Labor : Winchester City saw 16 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 3.1% during the third quarter to 3% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $299,400 $250,100 # Homes on the * # ** # New Homes Built 0 0 Avg # of Days on Data by s for Q on $248, % % % OTHER $371, % % % % Change of current quarter compared to the same quarter to year ago. 83

88 Berkeley County, WV Labor : Berkeley County saw 470 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 4.3% during the third quarter to 4.1% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $237,400 $219,600 # Homes on the * 1,579 1,283 # ** # New Homes Built Avg # of Days on Data by s for Q on $212, % % % $204, % % % $264, % % % $177, % % % $225, % % % $222, % % % OTHER $237, % % % % Change of current quarter compared to the same quarter to year ago. 84

89 Grant County, WV Labor : Grant County saw 87 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 6.4% during the third quarter to 5.8% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $114,600 $127,500 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $45, % $140, % $55, % % % $186, % % % $87, % % % $141, % % % OTHER $225, % % % % Change of current quarter compared to the same quarter to year ago. 85

90 Hampshire County, WV Labor : Hampshire County saw 28 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 3.4% during the third quarter to 3.3% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $184,300 $137,400 # Homes on the * # ** # New Homes Built NA NA Avg # of Days on Data by s for Q on $68, % % % $130, % % % $102, % % % $148, % % % $232, % % % $114, % % % $51, % % % $95, % % % $133, % % % % Change of current quarter compared to the same quarter to year ago. 86

91 Hampshire County, WV Data by s for Q on $104, % % % $245, % % % $156, % % % $102, % % Change of current quarter compared to the same quarter to year ago. 87

92 Hardy County, WV Labor : Hardy County saw 150 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 3.9% during the third quarter to 3.6% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $189,200 $169,000 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $238, % $139, % % % $135, % % % $158, % % % $170, % % % % Change of current quarter compared to the same quarter to year ago. 88

93 Jefferson County, WV Labor : In the first two months of the fourth quarter, 61 jobs were added to the payrolls of Jefferson County. As a result of these new jobs, the average monthly unemployment rate fell from 3.5% during the third quarter to 3.1% for October and November. The strong employment climate may help to create demand for home purchases. Housing : $282,400 $289,900 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $303, % % % $295, % % % $309, % % % $214, % % % $155, % $301, % % % $316, % % % $322, % % % % Change of current quarter compared to the same quarter to year ago. 89

94 Mineral County, WV Labor : Mineral County saw 35 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 4.7% during the third quarter to 4.6% in the first two months of the fourth quarter. Despite the job losses, the labor market remains relatively strong. Housing : $139,000 $156,100 # Homes on the * # ** # New Homes Built Avg # of Days on Data by s for Q on $180, % % % $118, % % % $160, % % % $221, % % % % Change of current quarter compared to the same quarter to year ago. 90