In the Lehigh Valley housing market, Closed Sales decreased in March for the sixth straight month.

Also, the Median Sales Price decreased for the second month in a row.

Closed Sales decreased 10% in March.

The Median Sales Price decreased 3.7 percent in March.

The data is from the March report contained in an April 14 press release from the Greater Lehigh Valley Realtors (GLVR).

Stated the GLVR press release: “March housing data reflects mixed market conditions as gains in new listings and stable pending sales were contrasted by a year-over-year decline in closed sales and a slight dip in median home prices.”

“While we saw a dip in closed sales locally, increased new listings and steady pending activity point to buyers re-engaging with the market as we head into the spring housing season,” said GLVR CEO Justin Porembo.

“At the same time, we’re continuing to see a push-and-pull between improving inventory and affordability constraints, with buyers keeping a close eye on mortgage rates amid recent geopolitical tensions,” Porembo said.

“With more buyers re-entering the market, demand is still there, but it’s more selective,” said GLVR President Cliff Lewis.

“Homes that are updated and priced right are rising to the top, while others may take longer as buyers weigh affordability and overall value,” Lewis said.

“In a market like this, both buyers and sellers benefit from working with a local expert who understands current conditions and pricing trends,” said Lewis.

March statistics

* Closed Sales decreased 10%, coming in at 387 listings.

* Inventory increased 4%, with 604 units available in Lehigh and Northampton counties.

* The Median Sales Price decreased 3.7% to $337,000, down from $349,950.

* New Listings increased 11.2% percent to 697 listings.

* Pending Sales increased 2.4%, by 14 listings, compared to last March (589 compared to 575).

* Months Supply of Inventory was flat at 1.1 months.

* Percentage of List Price Received increased to 100.2%, a change of 0.2%.

* Days on Market decreased 3.2 percent to 30 days, one day slower than the previous March.

Carbon County

In March in Carbon County, the Median Sales Price decreased to $298,000.

Closed Sales decreased by three listings to 48.

Pending Sales decreased by five listings (49 compared to 54).

New Listings decreased to 68, a change of 10 listings.

Inventory decreased to 119 units.

Months Supply of Inventory was 2.1 months.

Homes sold on average in 58 days.

National view

In March, existing home sales in the United States increased 1.7% month-over-month to a seasonally-adjusted annual rate of 4.09 million units, according to the National Association of Realtors (NAR).

“Lower mortgage rates helped boost buyer activity,” according to NAR.

“Monthly sales increased in the Midwest, South and West, but decreased in the Northeast.” Sales increased year-over-year in the South, but fell in the Northeast, Midwest and West,” stated NAR.

Nationwide, inventory increased 2.4% month-over-month and 4.9 percent year-over-year to 1.29 million units, representing a 3.8-month supply.

Home prices increased for the 32nd consecutive month, increasing 0.3% year-over-year to $398,000.

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