May brought some good news to the Hampton Roads region real estate market, which includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities, according to The Long & Foster Market Minute reports. Inventory remained low throughout the region and the median sale price increased in some areas.

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 median sale price in the Hampton Roads region increased in some areas, including by 6 percent in Virginia Beach City and 4 percent in Chesapeake City. Median sale price decreased by 2 percent in Norfolk City and by 3 percent in both Hampton City and Newport News City.

Compared to the same month last year, inventory remained low throughout the area, decreasing by 13 percent in Hampton City. The cities of Newport News and Virginia Beach both saw a 10 percent decrease in inventory and Norfolk City saw a 9 percent decrease. Chesapeake City experienced a 7 percent decrease in active inventory.

The number of homes sold decreased in most of the Hampton Roads region in May, with Newport News City seeing the only increase at 9 percent. Other areas experienced decreases of 2 percent to 20 percent.

Homes in the area are continuing to sell at a steady pace, with Virginia Beach city leading with the lowest days on market (DOM) average of 64 days. Chesapeake City followed closely behind at 69 days and other areas experienced DOM averages ranging from 80 to 101 days.

“Summer is fast approaching, yet across the Mid-Atlantic, the spring-selling season has yet to fully peak,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While median sale prices rose in many areas last month, the number of sales declined when compared to May 2013. However, homes are selling quicker than this time last year and inventory is increasing. What we’re seeing is a steadying of the market, which will position the housing industry for future growth.”

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.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested.