T
he Lehigh Valley housing market remained stable in August, with some encouraging signs on inventory levels. According to Greater Lehigh Valley Realtors (GLVR), total housing inventory increased by 12% from last year's numbers, reaching 768 units and a 1.4-month supply at the current sales pace.
While this trend is positive, demand continues to outstrip supply, driving up sales prices. Historically, six months of inventory would indicate a balanced market between buyers and sellers, but GLVR CEO Justin Porembo notes that the Lehigh Valley still has work to do in achieving this balance.
As a result, the median sales price rose 4.2% to $345,000. Closed sales decreased by 9.7% to 603 listings, while new listings increased by 2.5% to 725 and pending sales jumped 7.9% to 658.
The percentage of list price received dipped slightly to 101.1%, but still exceeded expectations. Homes sold in an average of 16 days, just one day longer than last August.
In Carbon County, the median sales price decreased to $245,100, while closed sales and pending sales also declined. However, new listings increased to 88 and inventory rose to 208 units.
GLVR President Lori Campbell emphasizes that despite ongoing challenges, the Lehigh Valley remains more affordable than the national average. According to the National Association of Realtors, the nationwide median existing-home price rose 4.2% year-over-year to $422,600, while the Lehigh Valley's median sales price increased by a similar margin to $345,000 – a difference of over $77,000.
