- The Greater Lehigh Valley Realtors report for October is out
- Purchase activity is down compared with this time last year because of rising interest rates keeping many current homeowners from selling
- Inventory is at historically low rates nationwide
BETHLEHEM, Pa. — It still is a seller's market when it comes to home buying, according to the Greater Lehigh Valley Realtors' October report.
Because of rising interest rates, people are hesitant to give up their existing rates by selling and moving to new homes, according to the report. That's resulted in a very low inventory of homes for sale, so prices remain on the rise.
“The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide,” GLVR Chief Executive Officer Justin Porembo said.
“While things are not the easiest for homebuyers – or sellers – there is light at the end of the tunnel."GLVR President Howard Schaeffer
“In a notable shift, the National Association of Realtors’ 2023 Profile of Home Buyers and Sellers — released just this week — revealed a surge in median household income among home buyers, rising from $88,000 to $107,000 in the last year," Porembo said.
"But this underscores the growing financial threshold required to purchase a home."
Homes on average also sold one day faster in October this year over last year, according to the report, with the percentage of list price received on the rise.
“While things are not the easiest for homebuyers — or sellers — there is light at the end of the tunnel,” GLVR President Howard Schaeffer said.
“We have been seeing first-time buyers tiptoeing back into the market this year with a little less competition and fewer multiple-offer scenarios.
“While the share of first-time buyers is still near historic lows, it is higher than last year. Notably — and positively — today’s first-time buyers had household incomes nearly $25,000 above last year and are more likely to use financial assets to enter the market.”
