August 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. The median sale price increased in a number of areas, and inventory remained low throughout the region.

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 regionincreased in some areas, jumping by 21 percent in Hampton City and by 8 percent in Norfolk City. Newport News City saw a 5 percent increase in median sale price. Chesapeake City experienced no change compared to the same month in 2013, while Virginia Beach City saw a 2 percent decline.

The number of units sold in the Hampton Roads region decreased in much of the area compared to August 2013, though Newport news City experienced a 21 percent increase. Other areas saw declines ranging from 10 percent to 19 percent.

Compared to the same month last year, inventory remained low throughout the area, decreasing by 12 percent in Norfolk City. Newport News City saw an 11 percent drop, followed by Chesapeake City with a 10 percent decline. Hampton City and Virginia Beach City experienced declines of 8 percent and 7 percent, respectively.

Many areas continued to see homes selling at a solid pace in August. In Virginia Beach City, the days on market (DOM) average was 65 days, while homes are selling in about 71 days on average in Chesapeake City. Other areas experienced DOM averages ranging from 82 to 106 days.

“In many areas across the Mid-Atlantic and Northeast, we’re seeing increased inventory, which means more options for those looking to purchase a home,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Median sale prices have also remained strong, and we’re seeing homes moving off the market at a fairly steady pace. Overall, the real estate market is in a healthy place for continued improvement.”

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.