Most of the Northern Virginia region experienced increases in the number of homes sold in August, according to the Long & Foster Market Minute reports. The Northern Virginia market includes the city of Alexandria and Arlington, Fairfax, Loudoun and Prince William counties. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System 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, the number of units sold increased in the majority of the Northern Virginia region, including an 8 percent jump in Arlington County. Alexandria City and Prince William County both experienced a 7 percent increase, while Fairfax County enjoyed a 2 percent increase. The number of homes sold remained unchanged in Loudoun County.

Median sale prices in the Northern Virginia region varied compared to August 2014, with Alexandria City seeing an increase of 14 percent followed by Arlington County with an increase of 3 percent. Fairfax County experienced a 1 percent dip, Loudoun County experienced a 5 percent drop and Prince William County saw a 6 percent decline.

Inventory also varied within the region, with Loudoun County seeing a decrease of 11 percent and Prince William County experiencing an 8 percent decrease. Alexandria City saw no change in active inventory compared to the previous year, and Arlington and Fairfax counties experienced increases of 5 percent and 9 percent, respectively.

Homes have continued to sell at a quick pace throughout Northern Virginia, according to August data. Arlington County experienced a days on market average of 35 days and Alexandria City experienced an average DOM of 36 days. Fairfax County saw an average DOM of 37 days. Other areas saw DOM averages of 41 days to 47 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 Northern Virginia region continued to see improvements in the number of homes sold, 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 MRIS, 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 MRIS or Long & Foster Real Estate, Inc.