Getting your Trinity Audio player ready...

The temperature isn’t the only thing sizzling this summer. For the second straight month, home sale prices set a record in Hampton Roads in June with a median transaction of $345,000, up from the prior record of $335,000 in May.

That’s according to the Real Estate Information Network, which tracks such data on behalf of Realtors and other stakeholders in the region.

Record home values are certainly good for sellers, but not necessarily good for the real estate economy, which continues to be dragged down by low inventory.

REIN makes a calculation called Months’ Supply of Inventory, or MSI, which for June was 1.47, up both month-over-month from 1.37 in May, and year-over-year from 1.33 in June 2022. The calculation is total active listings for a month divided by the “absorption rate,” which is the total number of listings sold over the preceding 12-month period, then divided by 12.  

“The MSI is up mainly due to slowing sales, which in itself is being impacted by a lack of inventory causing price increases,” said Jon McAchran of AtCoastal Realty and president of REIN’s Board of Directors.”

Still, all things considered, “the Hampton Roads market is much healthier and more robust than markets in many other parts of Virginia and the United States,” McAchran said. 

Other numbers of interest from June:

• Active residential listings in the region were 3,366, a 4.6% increase from 3,217 in May but down 18.1% from 4,114 in June 2022. 
• Pending sales stood at 2,517. That’s down 11.8% from 2,856 in May and 15.5% from 3,074 year-over-year. 
• Settled sales during the month were 2,667, a 6.6% increase from May but down 19.7% from 3,320 in June 2022.  
• Median days on market for residential listings was 11, the same as it was in May. The DOM was nine at the same time last year.  
• Residential new construction sold in the MLS during the month was 257. It was 252 last month and 292 last year.