Closed Sales decreased for the fifth straight month in February.

The Median Sales Price also decreased in February.

Closed Sales decreased 15.7 percent in February.

The Median Sales Price decreased 4.7 percent in February.

The information is from the February report contained in a March 13 press release from the Greater Lehigh Valley Realtors (GLVR).

Stated the GLVR press release: “February housing data reflects lower mortgage rates, rising wages, and slower price growth, [and] are offering improving conditions for prospective home buyers.”

The “February housing market shows improving affordability despite limited inventory,” the press release stated.

“Despite improvement in housing affordability, the U.S. existing-home sales supply remains below pre-pandemic levels,” said GLVR CEO Justin Porembo in the press release.

“Until inventory improves, many buyers will continue to face limited choices, though easing mortgage rates and wage growth are beginning to create more favorable conditions for entering the market.” Porembo said.

“While winter months can often produce softer housing numbers, the Lehigh Valley continues to stand out as a relatively affordable place to live compared to much of the Northeast,” said Porembo.

“With the regional median home price at $333,500 compared to $479,800 across the Northeast, our market still offers meaningful opportunity for buyers and sellers alike,” Porembo said.

“As we move toward the spring market, the Lehigh Valley remains a unique region with strong demand, economic growth, and long-term housing potential,” said Porembo.

“Market conditions are beginning to shift in ways that may encourage more buyers to re-engage with the housing market, and we need sellers to do the same,” GLVR President Cliff Lewis said in the press release.

“As economic conditions continue to evolve and we approach the traditionally busy spring market, understanding how changes in mortgage rates, inventory, and pricing affect opportunities locally are where working with a Realtor becomes especially valuable,” Lewis said.

February statistics

* Closed Sales decreased 15.7%, coming in at 334 listings.

* Inventory decreased 8.9%, with 550 units available in Lehigh and Northampton counties.

* The Median Sales Price decreased 4.7% to $333,500, down from $349,900.

* New Listings decreased 10.8% to 421 listings.

* Pending Sales decreased 1.5%, losing six listings compared to last February (412 compared to 406).

* Months Supply of Inventory decreased 9.1% at 1.0 months.

* Percentage of List Price Received decreased 99.5%, a change of 0.7%.

* Homes sold, on average, in 33 days, an increase of 3.1%, one day slower than the previous February.

Carbon County

Most housing statistics in February for Carbon County were steady.

The Median Sales Price decreased to $219,100.

Closed Sales increased by three listings to end the month at 31.

Pending Sales increased by 10 listings (53 compared to 43).

New Listings decreased to 37, a change of six listings.

Inventory decreased to 109 units.

Months Supply of Inventory was 1.9 months.

Homes sold in an average of 58 days.

National view

In February, existing home sales in the United States decreased 8.4% to a seasonally-adjusted annual rate of 3.91 million units, a 4.4% percent decrease from one year earlier, according to the National Association of Realtors (NAR).

“The decrease followed a 5.1% increase the previous month and modest gains throughout the fall. Sales decreased month-over-month and year-over-year in all four regions,” according to NAR.

Nationally, the median existing home price increased 0.9% year-over-year to $396,800, a new high for the month, NAR reported.

“Home prices have continued to rise across much of the country, in part due to low supply, which remains below pre-pandemic levels,” stated NAR.

“Total housing inventory stood at 1.22 million units as of the most recent reading, up 3.4% from one year earlier, representing a 3.7-month supply,” 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