Home sales in Virginia declined for the fourth consecutive month, with 10,649 closed sales in May, down 0.6% from last year. Despite fewer sales, the median price rose 3.5% to $440,000, boosting total sold volume by 1.3% to $5.8 billion. Inventory increased 30.6% with 23,137 active listings. Higher prices and economic uncertainty may keep sales muted, while potential Federal Reserve rate cuts could modestly affect mortgage rates.
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