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Published on August 11, 2023

The Greater Lehigh Valley REALTORS® (GLVR) reported July data showed affordability constraints have continued to limit homebuying activity this summer.

GLVR Members: Click HERE to view the full Market Update report for July 2023.

“Mortgage rates have approached 7 percent in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold,” said GLVR CEO Justin Porembo. “But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.”

July Stats

Closed Sales dipped 32.6 percent to 528 listings. Inventory slipped 37.1 percent – there were 589 units in July for Lehigh and Northampton counties. With inventory still not at sufficient, comfortable levels, the Median Sales Price increased 8.5 percent to $325,500.

Other notable housing statistics for July include:

  • New Listings dropped 21.2 percent to 693.
  • Pending Sales were down 15.6 percent to 596.
  • Months Supply of Inventory slid 15.4 percent to 1.1 months.
  • Percentage of List Price Received tumbled 0.3 percent (but still went above and beyond), coming in at 102.2 percent.
  • Homes sold, on average, in 15 days, an increase of 15.4 percent (or 2 days)

In Carbon County, the Median Sales Price increased to $262,000. Closed Sales dipped by just five listings, coming in at 58. Pending Sales decreased to 59. New Listings slipped to 73. Inventory dropped to 134 units, leading to a Months Supply of Inventory that slid to 2.3 months. Days on Market increased to 26 days vs. 20 days the previous July.

“Despite a drop in home sales, home prices have remained near record highs, with a Lehigh Valley median sales price of $325,500, 2.4% below the all-time high of $333,500 recorded in June 2023,” said GLVR President Howard Schaeffer. “With only 1.1 months’ supply heading into August, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets like the Lehigh Valley, where competition for homes remains particularly strong.”

Schaeffer added, “Local REALTORS® are hyper aware of the issues facing home buyers and sellers – and working to find actionable solutions. Congresswoman Susan Wild met with members of the Greater Lehigh Valley REALTORS® Board of Directors and Government Affairs Committee in June to discuss various factors affecting the housing market. REALTOR® members representing buyers and sellers in Lehigh, Northampton, Carbon and Berks counties were all present to share inventory, affordability, and appraisal challenges, and possible fixes Congresswoman Wild could help work on back in Washington, D.C.”