Houses prices up, inventory down in three Virginia markets

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The housing markets in three Virginia metro areas followed national trends toward gradual improvement in May.

The National Association of Realtors reported Wednesday that median list prices for homes in Northern Virginia, Hampton Roads and Richmond rose in May when compared to the same month last year.

At the same time, total listings in each of these markets fell by more than 15 percent.

Combined, those statistics suggest that prices are moving up as excessive inventory caused by the housing bust dwindles.

The local trend mirrored national results.

Nationally the inventory of for-sale single-family homes, condominiums, townhouses and co-ops declined by more than 20 percent in May from the year before while the median national price increased more than 3 percent.

In addition, the median age of inventory, the time houses spend on the market, fell nearly 10 percent.

In Northern Virginia, the median list price was $399,900 in May, up 8 percent, while total listings were down 15.7 percent to 13,441.

In Hampton Roads, the median price was $239,900, up 0,84 percent, and total listings fell 22.7 percent to 11,291.

In Richmond, the median price was $209,000, up 4.5 percent and total listings decreased 27.2 percent to 5,830.

Meanwhile in Roanoke, median list prices were down slightly in May (off 1.19 percent to $177,750)  but total listings declined 16.7 percent to 1,772.

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