Closed sales of houses in the Lehigh Valley decreased 11.4 percent in May.

The Greater Lehigh Valley Realtors (GLVR) reported that May data showed “buyer demand remains evident in the local real estate market, with homes selling quickly and pending sales on the rise.

“However, a persistent lack of inventory continues to limit the number of sales, as buyers compete for a limited supply of available properties,” stated a June 16 press release about the May report.

“Even with sales down 11.4 percent in May, the Lehigh Valley market remains active and resilient,” said GLVR CEO Justin Porembo.

“New listings and pending sales both saw gains in May, and homes continue to sell quickly, averaging just 19 days on the market,” Porembo said.

“While affordability and inventory challenges persist nationwide, local buyers and sellers are adapting, and strong demand continues to drive solid offers over list price,” said Porembo.

“While home prices continue to rise both locally and across the country, the Lehigh Valley remains a more affordable option for buyers compared to many markets,” said GLVR President Michael Bernadyn.

“With a median sales price of $345,000 in May, $69,000 less than the national median, our region continues to offer greater opportunities for homeownership while still benefiting from strong property values and a high quality of life,” Bernadyn said.

May statistics

Closed Sales decreased 11.4 percent, coming in at 515 listings.

Inventory decreased 2.6 percent. There were 700 units in May for Lehigh and Northampton counties.

The Median Sales Price increased 4.4 percent to $345,000.

Other housing statistics for May include:

* New Listings increased 5.0 percent to 803.

* Pending Sales increased 5.0 percent to 654

* Months Supply of Inventory decreased 7.1 percent to 1.3 months.

* Percentage of List Price Received remained largely steady, coming in at 101.9 percent, a difference of minus 0.1 percent.

* Homes sold, on average, in 19 days, the same amount of days as the previous May.

Carbon County

The Median Sales Price decreased to $225,000.

Closed Sales decreased to 53.

Pending Sales increased to 77.

New Listings decreased to 96.

Inventory decreased to 177 units.

Months Supply of Inventory decreased to 3.1months.

Days on Market came in at 61 days.

National view

Existing-home sales in the United State decreased 0.5 percent month-over-month and 2.0 percent year-over-year to a seasonally adjusted annual rate of 4.00 million units, according to the National

Association of Realtors (NAR).

Sales increased in the Midwest, decreased in the West and Northeast, and were unchanged in the South.

Year-over-year, sales were down in every region except the Northeast.

There were 1.45 million units actively for sale heading into May, a 9.0 percent increase from the previous month and a 20.8 percent increase from the same time last year, for a 4.4-month supply at the sales pace, according to NAR.

The median existing-home price edged up 1.8 percent year-over-year to $414,000 as of last measure,

the 22nd consecutive month of annual price increases and a new record high for the month.

GLVR information

The Greater Lehigh Valley Realtors is a not-for-profit trade association representing more than 3,000 Realtors in Carbon, Lehigh and Northampton counties.

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.

GLVR owns and operates the Greater Lehigh Valley Multiple Listing Service and the Greater Lehigh Valley Real Estate Academy.

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.

Information: www.GreaterLehighValleyRealtors.com