Median sale prices increased in most 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.

Median sale prices rose in many areas of the Hampton Roads region last month compared to July 2015 with Newport News City seeing an increase of 11 percent. Median sale prices increased by 3 percent in the cities of Chesapeake and Norfolk, and Hampton City experienced a 2 percent increase. In Virginia Beach City, the median sale price decreased by 1 percent.

In the Hampton Roads region, the number of homes sold declined in all areas. Both Hampton City and Virginia Beach City saw a 1 percent decrease in the number of homes sold, and Chesapeake City experienced an 8 percent decrease. Other areas saw decreases of 9 percent to 17 percent.

Inventory fell throughout the area in July, decreasing by 12 percent in Norfolk City. In Hampton City, active inventory declined by 10 percent, while both Chesapeake City and Virginia Beach City experienced a decrease of 9 percent. In Newport News City, active inventory dropped by 6 percent.

Many areas continued to see homes selling at a steady pace in July. In Chesapeake City, the days on market (DOM) average was 55 days, followed by Virginia Beach City with a DOM average of 62 days. Homes are selling in about 67 days on average in Newport News City, and in Norfolk City the DOM average was 76 days. The cities of Norfolk and Hampton experienced DOMs of 76 days and 98 days, respectively.

“July brought both good and not-so-good news to the U.S. economy, with the job market remaining strong and retail sales staying flat for the month. Similarly in real estate, home sales slowed in many areas, while median sale prices increased, including in much of the Hampton Roads region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “As the summer comes to a close, we anticipate that the housing market will remain healthy heading into the autumn season.”

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.