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VARbuzz:’s May report is chock full of good news

Prices are stable and in most cases rising, the glut of houses is down, and homes for sale are selling faster — those are the big three conclusions from Move’s May 2012 housing report.

Nationwide prices rose 3.17%, while the total number of listings dropped by more than 20%. That’s probably good news, as it means we’re burning off some of that excess inventory. (Sorry, NoVA. I realize that’s not good news for you.) But it could also be the result of sellers taking their properties off the market out of frustration, or simply because they’re waiting for prices to rise.

In Virginia specifically the same trend holds true — Roanoke’s prices dropping being the only exception.

Here’s the chart:

MSAMedian Price Y2YTotal Listings Y2YMedian DoM Y2Y
Washington DC-MD-VA-WV8.08%-15.65%-13.33%
Norfolk – Virginia Bch -
Newport News VA-NC(VA)
Richmond-Petersburg VA4.52%-27.23%-13.51%
Roanoke VA-1.19%-16.73%-9.09%
United States3.17%-20.07%-9.78%

Click here for the Wall Street Journal report.