Closed Sales of housing in the Lehigh Valley decreased for the second month in a row even as the Median Sales Price increased again.<\/p>\n
Closed Sales decreased 13.3 percent.<\/p>\n
The Median Sales Price increased 5.6 percent to $360,000, up from $341,000.<\/p>\n
The information is contained in the November report released in a Dec. 16 press release from the Greater Lehigh Valley Realtors (GLVR).<\/p>\n
According to the GLVR report, \u201chousing activity continued to be shaped by limited inventory and rising home prices.<\/p>\n
\u201cWhile closed sales slowed compared to last year, demand remained steady, keeping competition strong and prices elevated across the region,\u201d states the GLVR.<\/p>\n
\u201cNovember\u2019s numbers reflect a market constrained by a lack of available homes,\u201d said GLVR CEO Justin Porembo.<\/p>\n
\u201cClosed sales dipped year-over-year, but inventory remains extremely tight at just 1.3 months, which continues to place upward pressure on prices,\u201d Porembo said.<\/p>\n
\u201cUntil we meaningfully address the Lehigh Valley\u2019s housing supply gap, estimated at a shortage of about 9,000 units by the Lehigh Valley Planning Commission, buyers will continue to face strong competition, quick sales and ongoing affordability challenges,\u201d said Porembo.<\/p>\n
\u201cEven as prices continue to rise, the Lehigh Valley remains more affordable than many markets nationwide,\u201d said GLVR President Michael Bernadyn.<\/p>\n
\u201cWith a median sales price of $360,000, our region is still well below the national median of $415,200. That affordability continues to draw buyers, but it also reinforces the need to expand housing options at all price points to keep homeownership within reach,\u201d Bernadyn said.<\/p>\n
November statistics<\/p>\n
Closed Sales decreased 13.3 percent, coming in at 495 listings.<\/p>\n
Inventory decreased 6.3 percent, with 728 units available in November in Lehigh and Northampton counties.<\/p>\n
The Median Sales Price increased 5.6 percent to $360,000, up from $341,000.<\/p>\n
Other housing statistics for November include:<\/p>\n
* New Listings decreased 2.8 percent to 519.<\/p>\n
* Pending Sales increased 0.2 percent (one listing) to 476.<\/p>\n
* Months Supply of Inventory decreased 7.1 percent to 1.3 months.<\/p>\n
* Percentage of List Price Received remained steady at 100.4 percent.<\/p>\n
* Homes sold, on average, in 22 days, three days slower than the previous November.<\/p>\n
Carbon County<\/p>\n
In Carbon County, Closed Sales increased by one listing to 53.<\/p>\n
Inventory decreased to 156 units.<\/p>\n
The Median Sales Price decreased to $251,000.<\/p>\n
Pending Sales increased to 59, an increase of four listings.<\/p>\n
New Listings decreased to 55.<\/p>\n
Months Supply of Inventory was 2.7 months.<\/p>\n
Homes sold in an average of 50 days.<\/p>\n
National view<\/p>\n
Existing home sales in the United States increased 1.2 percent from the previous month to a seasonally-adjusted annual rate of 4.10 million units, according to the National Association of Realtors (NAR).<\/p>\n
\u201cBuyers took advantage of lower mortgage rates this fall,\u201d the NAR stated.<\/p>\n
Nationally, inventory dipped 0.7 percent month-over-month, and rose 10.9 percent year-over-year, totaling 1.52 million units, according to the NAR.<\/p>\n
Supply was at 4.4 months, slightly below October\u2019s level and higher than the 4.1 months recorded one year ago, the NAR stated.<\/p>\n
Supported by modest inventory levels, prices continue to rise, with the national median existing home price increasing 2.1 percent year-over-year to $415,200, marking 28 consecutive months of annual gains, according to the NAR.<\/p>\n
GLVR information<\/p>\n
The Greater Lehigh Valley Realtors is a not-for-profit trade association representing more than 3,000 Realtors in Carbon, Lehigh and Northampton counties.<\/p>\n
GLVR provides professional development and training resources, competitive market information, legislative advocacy, peer review and mediation processes for members, and a dispute resolution service for consumers.<\/p>\n
GLVR owns and operates the Greater Lehigh Valley Multiple Listing Service and the Greater Lehigh Valley Real Estate Academy.<\/p>\n
Realtors are distinguished from real estate licensees by subscribing to a strict code of ethics and standards of practice as defined by the National Association of Realtors.<\/p>\n
Information: www.GreaterLehighValleyRealtors.com<\/p>\n
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