Virginia Homebuyers Enjoy More Options in August

Virginia's housing market slowed in August, with home sales dropping 4.6% year-over-year to 8,985 due to higher mortgage rates above 7%. Total sold dollar volume fell 2.5% to about $5 billion. Pending sales also declined 3.1%, signaling continued slowdown. Despite this, the median home price rose 4.4% to $449,000, and inventory increased 13.8%, offering more options for buyers.