During May, Virginia’s recorded 12,700 existing homes sales, 0.9 percent drop from the 12,950 level recorded one year earlier. Tight inventory supply continues to constrain the market, But while sales were slowing, prices continued to rise: the statewide median sales price of $294,000 was 2.4 percent higher from the previous year and marked the 26th straight month of ascending prices.
The existing home sales volume for the month increased 1.3 percent from $4.490 billion in May 2017 to $4.548 billion in May 2018. Annualized home sales volume totaled $42.288 billion for existing-home sales for the 12 months preceding May 31, which marked the 23rd straight month that annualized existing home sales volume has risen. The median number of days on the market dropped to 31 days in May, down from 32 days in April and 36 days in May 2017.