August housing stats for Hampton Roads continue to look up! Trends like year-over-year drop in active listings and year-over-year increases in under contract sales and settled sales offer hope of a stabilizing local market.
The number of homes listed for sale dropped 15.78% when compared to August 2011. Marking the 18th consecutive month that active listings have dropped. The absorption rate is the highest it’s been since tracking began in October 2008. The region’s months’ supply of inventory is currently down to 7.04 months. The following is a break down of month’s supply of inventory by city.