T
he Peninsula's housing market continues to see an increase in available homes, with a record-high inventory of listings in August, according to the Real Estate Information Network (REIN). This surge in supply has led to higher selling prices year-over-year.

    Despite the growing number of homes for sale, Gary Lundholm, Board President of REIN and The Real Estate Group, notes that it's still a seller's market on the Peninsula. "Inventory is still below its normal level, which tends to impact selling prices," he said. Declining mortgage rates are also affecting potential homebuyers.

    REIN reports that 1,277 homes were listed for sale in August, a 31.4% increase from last year's total of 972 listings. The median sales price (MSP) rose by 4.6% to $329,961 compared to the previous year's MSP of $315,500.

    A buyer's market is typically characterized by more homes for sale than buyers, leading to stagnant or falling prices. Conversely, a seller's market occurs when there are more buyers than homes available, resulting in increased competition and higher prices. The Peninsula region includes Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County.

    Key statistics for the Peninsula in July include:

    * Active residential listings: 1,277 (up 3.74% from July)

    * Pending sales: 618

    * Settled sales: 644

    * Median sale price: $329,961

    * Month's Supply of Inventory (MSI): 2.25

    * Median days on market (DOM): 21

    Residential new construction sold via the MLS in August totaled 49 units, down from 79 last year but up from 36 in July.