Median sale prices 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 based on data provided by the Real Estate Information Network multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Compared to August 2014, median sale prices increased in much of the Hampton Roads region in August. In Chesapeake City, the median sale price jumped by 11 percent, followed by a 10 percent increase in Norfolk City. Newport News City experienced a 3 percent increase in median sale price, and Virginia Beach City saw a 2 percent increase. Hampton City experienced the region’s only decline at 2 percent.

The number of units sold increased in some areas of the Hampton Roads region compared to August 2014, with Chesapeake City experiencing a 21 percent increase, followed by Virginia Beach City with a 13 percent increase and Norfolk City with a 4 percent increase. Hampton City saw a small decrease of 1 percent and Newport News City experienced a 6 percent drop.

Inventory varied in the area in August, decreasing by 4 percent in Norfolk City and by 2 percent in Virginia Beach City. Newport News City saw a small drop of 1 percent. In Chesapeake City, active inventory increased by 2 percent, and it increased by 8 percent in Hampton City.

Many areas continued to see homes selling at a solid pace in August. In Virginia Beach City, the days on market (DOM) average was 60 days, while homes are selling in about 69 days on average in Chesapeake City. Other areas experienced DOM averages ranging from 75 to 92 days.

“Despite concerns about the global economy and the stability of China’s economy and its worldwide impact, consumers in the United States remained confident in the month of August. Consumer spending continued to increase in the U.S., and this was reflected in the real estate industry, including in our local markets,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The Hampton Roads region continued to see improvements in the median sale prices of homes among other factors, and we’re looking forward to a strong fall market.”

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.    Information included in this report is based on data supplied by the Real Estate Information Network, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN or Long & Foster Real Estate, Inc.