The number of homes sold increased in many areas of the Hampton Roads real estate market last month, according to The Long & Foster Market Minute reports. The Hampton Roads market includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities. The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

The number of units sold increased in most of the Hampton Roads region compared to July 2014, with Norfolk City experiencing a 20 percent increase, followed by Chesapeake City with a 19 percent increase and Newport News City with an 18 percent increase. In Virginia Beach City, the number of homes sold rose by 10 percent, while Hampton City saw a small decrease of 1 percent.

Compared to the same month last year, median sale prices increased in much the Hampton Roads region in July. In both Chesapeake and Norfolk cities, the median sale price jumped by 6 percent, followed by 5 percent in Virginia Beach City. Newport News City experienced a 2 percent increase in median sale price, and Hampton City experienced the region’s only decline at 3 percent.

Inventory increased in parts of the area in July, though it decreased by 4 percent in Norfolk City. In Newport news City, active inventory increased by 1 percent and in other areas it increased by 2 percent to 8 percent.

Many areas continued to see homes selling at a solid pace in July. In Chesapeake City, the days on market (DOM) average was 61 days, while homes are selling in about 62 days on average in Virginia Beach City. Other areas experienced DOM averages ranging from 72 to 94 days.

“The United States’ economy has been having a good summer, and the positivity we’ve been seeing in previous months continued in July. The real estate industry also reflected these trends, which was evident in the increases in number of homes sold and the median sale prices in the Hampton Roads region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We feel confident that we’ll continue to see improvements in the market, and look forward to what the end of summer and start of fall will bring.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

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