LEHIGH VALLEY, Pa.- A record-setting streak for home prices in the Lehigh Valley has ended.<\/p>\n
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.<\/p>\n
According to the Greater Lehigh Valley Realtors (GLVR), the median sales price\u00a0for homes in Lehigh and Northampton counties hit $379,000 in August.<\/p>\n
That’s down from\u00a0$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.<\/p>\n
August also brought a little more wiggle room on the inventory side.\u00a0<\/p>\n
According to GLVR’s figures, inventory grew at more than 8%\u00a0with 893 units available across Lehigh and Northampton counties.<\/p>\n
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.\u00a0<\/p>\n
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.<\/p>\n
\u201cAugust brought some encouraging movement on the inventory side, with more homes available than we had at this time last year,\u201d said GLVR CEO Justin Porembo, in a news release. \u201cThat 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.\u201d<\/p>\n
Homes in Lehigh and Northampton counties were still selling like hotcakes in August, with buyers scooping them up in just 19 days, on average.<\/p>\n
In Carbon County, the median sales price increased to $295,000 in August, GLVR reported.<\/p>\n
Inventory was listed at 165 units, resulting in a months\u2019 supply of inventory of 2.9 months.\u00a0<\/p>\n
Homes sold in an average of 48 days in Carbon County, GLVR said.<\/p>\n","protected":false},"excerpt":{"rendered":"LEHIGH VALLEY, Pa.- A record-setting streak for home prices in the Lehigh Valley has ended. And that’s a…\n","protected":false},"author":2,"featured_media":287066,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[21193,119,121,120,5523,44135,9343,38019,15418,157,34804,434,1081],"class_list":["post-287065","post","type-post","status-publish","format-standard","has-post-thumbnail","category-allentown","tag-affordability","tag-allentown","tag-allentown-headlines","tag-allentown-news","tag-carbon-county","tag-greater-lehigh-valley-realtors","tag-home-prices","tag-home-sales","tag-housing-inventory","tag-lehigh-valley","tag-median-sales-price","tag-northampton-county","tag-real-estate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/287065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=287065"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/287065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/287066"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=287065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=287065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=287065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}