LEHIGH VALLEY, Pa.- A record-setting streak for home prices in the Lehigh Valley has ended.
And that’s a good thing, if you’re one of the many hopeful buyers still waiting to seal the deal on your dream home.
According to the Greater Lehigh Valley Realtors (GLVR), the median sales price for homes in Lehigh and Northampton counties hit $379,000 in August.
That’s down from $385,000 in June and $389,500 in July, both record-setting months, but it still represents a nearly 10% jump from a year ago, GLVR said.
August also brought a little more wiggle room on the inventory side.
According to GLVR’s figures, inventory grew at more than 8% with 893 units available across Lehigh and Northampton counties.
Also, months supply of inventory came in at 1.7 months, an increase of 13.3%. The figure is an assessment of how long it would take to sell all available homes in a market if no new listings were added.
While the boost is a positive sign, the 1.7-month figure was well below the national average of 4.6 months. A healthy months’ supply of inventory is usually in the range of five to six months.
“August brought some encouraging movement on the inventory side, with more homes available than we had at this time last year,” said GLVR CEO Justin Porembo, in a news release. “That growth is important, but we are still operating in a market where demand is outpacing the number of homes available. Continued growth in housing inventory will be critical to improving affordability and giving buyers more options.”
Homes in Lehigh and Northampton counties were still selling like hotcakes in August, with buyers scooping them up in just 19 days, on average.
In Carbon County, the median sales price increased to $295,000 in August, GLVR reported.
Inventory was listed at 165 units, resulting in a months’ supply of inventory of 2.9 months.
Homes sold in an average of 48 days in Carbon County, GLVR said.