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Archive for May 2014

Easing of Distressed Homes Inventory Bright Spot on

Exhibiting both losses and gains for the month of April, the Hampton Roads real estate market is

off to a relatively neutral start for second quarter 2014. While residential listings for sale and residential

pending sales are up, residential settled sales and distressed home activity have seen slight drops.

Residential active listings increased 8.91% when compared to April 2013. Of the region’s seven

major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach)

Hampton was the only city to experience a year-over-year decrease in the number of homes for sale,

down 2.58% from last year. Newport News and Chesapeake were the two key influences to the region’s

uptick in residential active listings, with increases of 13.44% and 13.41% respectively. The months’

supply of inventory of residential homes for sale is currently 6.69 months, up 3.24% from April 2013’s

6.48 months.