The Greater Lehigh Valley Realtors (GLVR) reported that for October, Closed Sales decreased 4.8 percent even as The Median Sales Price increased 1.9 percent to $353,750, up from $347,000.

The information is contained in the October report released in a Nov. 12 press release from the (GLVR).

The GLVR reported “an expected seasonal slowdown in October housing activity but noted signs of future momentum as pending sales climbed year-over-year,” according to the press release.

“Mortgage applications for home purchases, a gauge of future buying activity, have posted consistent double-digit annual gains, rising 20 percent higher than a year ago in mid-October, according to data from the Mortgage Bankers Association,” GLVR CEO Justin Porembo said in the press release. “The Lehigh Valley followed suit in October, with pending sales improving 3.1 percent year-over-year,” Porembo said.

“Nationally, we’re seeing signs of renewed buyer confidence, with pending home sales holding steady and showing one of the strongest paces of the year,” said GLVR President Michael Bernadyn.

“At the same time, sellers are increasingly relying on professional expertise. Ninety-one percent now work with a Realtor, while For Sale By Owner transactions have fallen to a record low. Together, these trends reflect growing trust in the market and in the value Realtors provide to guide clients through changing conditions,” Bernadyn said.

October statistics

* Closed Sales in October decreased 4.8 percent, coming in at 596 listings.

*Inventory decreased 4.8 percent. There were 794 units in October for Lehigh and Northampton counties.

*The Median Sales Price increased 1.9 percent to $353,750, up from $347,000.

* New Listings decreased 5.5 percent to 705.

* Pending Sales increased 3.1 percent to 600.

* Months Supply of Inventory decreased 12.5 percent to 1.4 months.

* Percentage of List Price Received decreased 0.3 percent but still came in above and beyond at 100.4 percent.

* Homes sold, on average, in 20 days, one day slower than the previous October.

Carbon County

In Carbon County, the Median Sales Price decreased to $244,000.

Closed Sales decreased to 69.

Pending Sales decreased to 65, a change of six listings.

New Listings increased to 82.

Inventory decreased to 176 units.

The Months Supply of Inventory decreased 3.1 months.

Days on Market was 38 days.

National view

Existing home sales in the United States increased 1.5 percent month-over-month and 4.1 percent year-over-year for a seasonally-adjusted annual rate of 4.06 million units, according to the National Association of Realtors (NAR).

The increase was partly driven by falling mortgage rates, which recently hit their lowest level in more than one year.

Regionally, monthly sales advanced in the Northeast, South and West and declined slightly in the Midwest.

Housing inventory increased 1.3 percent from the previous month to 1.55 million units, 14.0 percent higher than the same period last year. This represents a 4.6-month supply at the going sales price, according to NAR.

The median existing home price grew 2.1 percent year-over-year to $416,200, continuing the trend of annual price gains.

The Midwest was the largest year-over-year increase in median sales price, followed by the Northeast and South and prices remained mostly flat in the West, according to NAR.

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