Northern Virginia Housing Market Shows Improvement

The housing market in Northern Virginia followed national trends toward improvement in May, according to a report in Virginia Business.

The National Association of Realtors said the median prices for homes in the area rose in comparison with May 2011. The group reported:

• The median list price in May saw an 8-percent increase to $399,900.
• Total listings were down in May to 13,441, a 15.7-percent decrease.

"Combined, those statistics suggest that prices are moving up as excessive inventory caused by the housing bust dwindles," reported Virginia Business.