VIRGINIA BEACH, Va. (WAVY) — Number of homes for sale in Hampton Roads have reached its highest point of the year in August, according to data from the Real Estate information Network, or REIN.

Both pending and settled sales were up from the previous month, but gone down year-over-year, according to REIN. August’s supply of inventory, or MSI, reached its highest point since October 2020 at 1.68. MSI is a calculation of how long properties remain on the market assuming no additional inventories were added. The median number of days properties were on the market in August was 14, an increase of two from July.

“Despite current mortgage rates and a somewhat limited number of properties for sale,
people are still willing to buy when the right home comes along,” said Jon McAchran of AtCoastal Realty and REIN Board President. “If inventory continues to rise, it will level off prices. However, we’re still historically low and we don’t anticipate anything drastic.”

Additional date from REIN:

  • Active residential listings for August were 3,680. That’s up 6.6% from 3,452 in July, but down 10.6% year-over-year from August 2022.
  • Pending sales stood at 2,289, up 1.06% month-over-month compared to 2,265 in July, but down year-over-year 15.66%.
  • Settled sales during the month were 2,478. That’s up 6.99% when compared to July’s 2,316, but down 17.15% compared to 2,991 last August.
  • Median sale price, or MSP, of homes sold during August was $341,100. That’s up slightly from $340,000 in July, and up 7.95% from $315,990 in August 2022.
  • Month’s Supply of Inventory, or MSI, for August was 1.68. It was 1.54 last month and 1.39 last year.
  • Median days on market, or DOM, for residential listings was 14, up from 12 last month and down from 15 during the same month last year.
  • Residential new construction sold in the MLS during the month was 249, compared to 202 last month and 285 last year.

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