Closed Sales of housing in the Lehigh Valley decreased for the second month in a row even as the Median Sales Price increased again.

Closed Sales decreased 13.3 percent.

The Median Sales Price increased 5.6 percent to $360,000, up from $341,000.

The information is contained in the November report released in a Dec. 16 press release from the Greater Lehigh Valley Realtors (GLVR).

According to the GLVR report, “housing activity continued to be shaped by limited inventory and rising home prices.

“While closed sales slowed compared to last year, demand remained steady, keeping competition strong and prices elevated across the region,” states the GLVR.

“November’s numbers reflect a market constrained by a lack of available homes,” said GLVR CEO Justin Porembo.

“Closed sales dipped year-over-year, but inventory remains extremely tight at just 1.3 months, which continues to place upward pressure on prices,” Porembo said.

“Until we meaningfully address the Lehigh Valley’s housing supply gap, estimated at a shortage of about 9,000 units by the Lehigh Valley Planning Commission, buyers will continue to face strong competition, quick sales and ongoing affordability challenges,” said Porembo.

“Even as prices continue to rise, the Lehigh Valley remains more affordable than many markets nationwide,” said GLVR President Michael Bernadyn.

“With a median sales price of $360,000, our region is still well below the national median of $415,200. That affordability continues to draw buyers, but it also reinforces the need to expand housing options at all price points to keep homeownership within reach,” Bernadyn said.

November statistics

Closed Sales decreased 13.3 percent, coming in at 495 listings.

Inventory decreased 6.3 percent, with 728 units available in November in Lehigh and Northampton counties.

The Median Sales Price increased 5.6 percent to $360,000, up from $341,000.

Other housing statistics for November include:

* New Listings decreased 2.8 percent to 519.

* Pending Sales increased 0.2 percent (one listing) to 476.

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

* Percentage of List Price Received remained steady at 100.4 percent.

* Homes sold, on average, in 22 days, three days slower than the previous November.

Carbon County

In Carbon County, Closed Sales increased by one listing to 53.

Inventory decreased to 156 units.

The Median Sales Price decreased to $251,000.

Pending Sales increased to 59, an increase of four listings.

New Listings decreased to 55.

Months Supply of Inventory was 2.7 months.

Homes sold in an average of 50 days.

National view

Existing home sales in the United States increased 1.2 percent from the previous month to a seasonally-adjusted annual rate of 4.10 million units, according to the National Association of Realtors (NAR).

“Buyers took advantage of lower mortgage rates this fall,” the NAR stated.

Nationally, inventory dipped 0.7 percent month-over-month, and rose 10.9 percent year-over-year, totaling 1.52 million units, according to the NAR.

Supply was at 4.4 months, slightly below October’s level and higher than the 4.1 months recorded one year ago, the NAR stated.

Supported by modest inventory levels, prices continue to rise, with the national median existing home price increasing 2.1 percent year-over-year to $415,200, marking 28 consecutive months of annual gains, according to the 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