BETHLEHEM, Pa. — Real estate professionals are finding a glimmer of hope in the latest Lehigh Valley home sales figures.
Sales increased in May for the second-straight month. It was a bright spot in what has been an otherwise tight market going back to the COVID-19 pandemic.
Closed sales were up 1.1 percent in May in Lehigh and Northampton counties, to 557 listings, over the same time last year, according to the Greater Lehigh Valley Realtors’ monthly report.
However small the increases, the real estate group says it’s seeing promising trends and growth as folks are hopefully gaining more confidence in the market and lending.
CEO Justin Porembo suggests buyers may be better off shopping around for mortgage loans than waiting for a significant downturn in rates.
“A new study released from LendingTree shows that borrowers who gather quotes from multiple lenders – three or more – stand to potentially save an average of $212 a month on their loan,” Porembo said in a news release.
“That’s equivalent to $2,544 a year, or $76,410 over the life of the loan. If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”
"Waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”Justin Porembo, CEO of the Greater Lehigh Valley Realtors
Housing inventory remained steady from last year (a four-listing increase) with 611 units in May for the two-county region, the Realtors group said.
Home sale prices neared all-time highs with an average of $333,275, up 5.8 percent from last year.
In April, Lehigh Valley home sales increased for the first time in two years. Other housing figures from the May Greater Lehigh Valley Realtors report include:
- New listings were up 3.4 percent to 765.
- Pending sales increased 5.5 percent to 654.
- Months supply of inventory came in at 1.2 months, an uptick of 9.1 percent.
- Homes sold, on average, in 19 days – four days faster than the previous May.
GLVR President Lori Campbell said she’s optimistic with an increase in building permits and new construction activity in the market.
“With new listings and pending sales on the rise, the Lehigh Valley housing market is shaping up to be advantageous for both buyers and sellers," she said.
The Greater Lehigh Valley Realtors reported these figures for Carbon County:
The median sales price increased to $242,000. Closed sales jumped to 71 while pending sales slid to 50. New listings bumped up to 112. Inventory increased to 180 units, leading to a months supply of inventory that increased to 3.2 months. Days on market increased to 31 from 23 days in May 2023.
