Housing Market Trends in the Washington Region: First Quarter 2018

In 1Q 2018, the Washington region’s housing market performance indicators were mixed. Closed sales decreased from last year, but the homes that sold were on the market for a significantly shorter period of time. The decrease in sales was likely the result of decreased supply and increased uncertainty that resulted from the federal budget standoff. Furthermore, the tight inventory and the low days-on-market did not translate to above average price gains. This combination of housing market performance is unusual for the region. Altogether, it suggests that the market is likely being disproportionately driven by a core group of motivated and discerning buyers, while weak inventory and economic uncertainty subdued the overall pool of buyers.

Schar School Stat: Existing Home Sales

This piece ran in the Washington Business Journal in the March 23, 2018 edition. The graphic was prepared by the Washington Business Journal using data supplied by the Institute. Between February 2017 and February 2018, the number of existing home sales in the Washington region decreased 0.3 percent (14 sales). This is the third consecutive year-over-year decrease,

The Washington Region’s Population Increased 1.1 Percent in 2017

Population growth in the Washington region stabilized in 2017 and was modestly stronger than in 2016. Our region continues to lose residents to other parts of the nation, although the loss in 2017 was less severe than the losses in prior years. The moderating net domestic out-migration is likely the result of a slowdown in job growth in key metro areas that has likely diminished their relative attractiveness to potential out-migrants. Net international migration became the largest source of growth in 2016, surpassing the natural increase (births minus deaths).[1] Compared to the other 15 largest metro areas, the region continues to rank near the middle of the pack with the seventh fastest population growth and the ninth largest net domestic migration rate in 2017.

The Washington Region Added 50,900 Jobs in 2017

The Washington region added 50,900 jobs between 2016 and 2017 based on data released today from the U.S. Bureau of Labor Statistics (BLS), 5,600 fewer jobs than indicated by the preliminary release. The major revisions include (1) stronger job growth in the Other Services sector, which led the gains in 2017, (2) weaker job growth in the Professional & Business Services, Retail Trade, Leisure & Hospitality, and Education & Health sectors than initially reported, (3) downward revisions to growth during the summer months in the District of Columbia, (4) weaker growth in Suburban Maryland, including job decreases at the end of 2017, and (5) modest upward revisions to job growth in Northern Virginia.

Schar School Stat: The Washington Leading Index

This piece ran in the Washington Business Journal in the Feb. 2, 2018 edition. The graphic was prepared by the Washington Business Journal using data supplied by the Institute. The Washington Leading Index, which is designed to forecast the performance of the region’s economy six to eight months in advance, increased in November, gaining 3.8 percent from