Closed Sales of housing increased 3.2% in August in the Lehigh Valley.

The Median Sales Price increased 9.2% in August to $379,000 in the Lehigh Valley.

The housing statistics are contained in the Greater Lehigh Valley Realtors (GLVR) August report, according to a Sept. 15 press release from GLVR.

The GLVR report notes “increased sales and inventory in August, while home prices continued to climb compared to a year ago.”

Said GLVR CEO Justin Porembo, “August brought some encouraging movement on the inventory side, with more homes available than we had at this time last year.

“That growth is important, but we are still operating in a market where demand is outpacing the number of homes available,” Porembo said.

“Continued growth in housing inventory will be critical to improving affordability and giving buyers more options,” said Porembo.

“While inventory is moving in the right direction, the Lehigh Valley remains a much tighter market than what we’re seeing nationally,” said GLVR President Cliff Lewis.

“Locally, we had 1.7 months of supply of homes available in August, compared to 4.6 months nationally,” Lewis said.

“The Lehigh Valley continues to be a popular place to live and work, and that demand means buyers and sellers need to understand the nuances of our local market,” said Lewis.

“Having a local Realtor who knows the market, understands the competition, and can help navigate those conditions is vitally important,” Lewis said.

August statistics

• Closed Sales increased 3.2% to 632 sales.

• Inventory increased 8.2%, with 893 units available in Lehigh and Northampton counties.

• The Median Sales Price increased 9.2% to $379,000.

• New Listings increased 2.7% to 725 listings.

• Pending Sales decreased 4.9% to 602 listings.

• Months Supply of Inventory was 1.7 months, an increase of 13.3%.

• Percentage of List Price Received increased 0.2% to 101.1%.

• Homes sold, on average, in 19 days, one day faster than the previous August.

Carbon County

In Carbon County:

• The Median Sales Price increased to $295,000.

• Closed Sales totaled 50.

• Pending Sales were 64.

• New Listings were 76.

• Inventory was 165 units.

• Months Supply of Inventory was 2.9 months.

• Homes sold on an average of 48 days.

National view

Existing-home sales in the United States decreased 1.7% from the previous month to a seasonally-adjusted annual rate of 4.06 million units, according to the National Association of Realtors (NAR).

Regionally, sales increased in the Northeast, held steady in the West and declined in the Midwest and South.

On a year-over-year basis, sales rose in the Midwest and West while remaining flat in the Northeast and South.

Nationally, the median existing-home sales price increased to $431,400.

Inventory was at 4.6-month supply nationally, NAR reported.

Year-to-date sales increased 2.4%, reflecting stable demand even amid elevated mortgage rates, according to NAR.

Homes are sitting on the market longer and fewer buyers are bidding above asking price compared to a year earlier, though local market conditions vary widely, NAR stated.

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