In the Lehigh Valley housing market, Closed Sales decreased in April for the seventh straight month.

The Median Sales Price increased in April.

Closed Sales decreased 16.1 percent.

The Median Sales Price increased 4.3 percent.

The data is from the April report contained in a May 13 press release from the Greater Lehigh Valley Realtors (GLVR).

Stated the GLVR press release: “April housing data reflected strong buyer demand despite continued inventory constraints, as pending sales surged 18.5 percent year over year while inventory remained limited at 1.2 months’ supply.”

“Nationally, affordability concerns and limited inventory continue to shape buyer behavior, and we’re seeing similar trends here in the Lehigh Valley,” said GLVR CEO Justin Porembo.

“Buyers who may have previously focused solely on existing homes are increasingly looking at new construction communities, particularly as builders continue adding inventory and offering move-in-ready opportunities,” Porembo said.

“While affordability remains a challenge across much of the Northeast, the Lehigh Valley continues to stand out as an attractive market for buyers seeking value and opportunity,” said GLVR President Cliff Lewis.

“The Northeast median home price topped $510,000 in April, while the Lehigh Valley median sales price came in at $360,000,” Lewis said.

“That relative affordability, paired with strong demand and quality-of-life amenities, continues to make our region a destination,” said Lewis.

“Whether you’re looking to build, buy an existing home, rent or find space for a new business, working with a Realtor who understands the local market can help guide you through the process,” Lewis said.

According to the GLVR April report, sales of newly-built single-family homes jumped 7.4 percent in March compared to February, and sales were up 3.3 percent from a year ago, according to the Commerce Department. Builders cited tight supply in the existing-home market as a key driver fueling recent demand in new construction.

Local construction

In the Lehigh Valley, from Jan. 1 to April 30:

* 87 residential new construction properties in Lehigh and Northampton counties sold at a Median Sales Price of $560,000.

* 144 residential new construction properties in Lehigh and Northampton counties are under agreement with an average list price of $679,493.

* 116 residential new construction properties in Lehigh and Northampton counties are available.

April statistics

*Closed Sales decreased 16.1 percent, coming in at 452 listings.

*Inventory decreased 6.3 percent, with 643 units available.

*The Median Sales Price increased 4.3 percent to $360,000, up from $345,000.

* New Listings decreased 0.7 percent, by five listings, to 752 listings.

* Pending Sales increased 18.5 percent to 679 listings.

* Months Supply of Inventory was down 7.7 percent to 1.2 months.

* Percentage of List Price Received increased to 101.4 percent, a change of 0.1 percent.

* Homes sold, on average, in 23 days, two days faster than the previous April.

Carbon County

The Median Sales Price was steady at $250,000.

Closed Sales decreased by five listings to 43.

Pending Sales increased to 79 from 54.

New Listings increased to 97.

Inventory decreased 129 units.

Months Supply of Inventory was 2.2 months.

Homes sold in an average of 55 days.

National view

United States existing-home sales decreased 3.6% month-over-month and 1.0% year-over-year to a seasonally adjusted annual rate of 3.98 million, according to the National Association of Realtors.

NAR reported that “tight supply and ongoing affordability challenges constrained activity.

“Sales declined month-over-month in all four regions. Year-over-year, sales increased in the South and West but fell in the Midwest and Northeast.

“Nationally, the median existing-home price rose 1.4% from a year earlier to $408,800, marking the 33rd consecutive month of year-over-year price increases.”

Limited inventory continued to put upward pressure on prices, according to NAR.

There were 1.36 million homes for sale heading into April, up 2.3% from a year earlier, representing a 4.1-month supply at the sales pace.

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