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The Greater Lehigh Valley REALTORS® (GLVR) reported December data showed homebuyer demand is picking up – with the first increase in pending sales since February 2022 – but without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.

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

“The 30-year fixed-rate mortgage continues its drift downward from its near-8% high in October, dropping to 6.66% this week,” said GLVR CEO Justin Porembo. “The expectation of rate cuts over the coming year from the Federal Reserve, as well as receding inflationary pressures, may be behind the first positive movement in Lehigh Valley pending sales in 22 months.”

Porembo added, “While lower mortgage rates are welcome news, potential home buyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise. Where one problem starts to recede, others still linger. That said, the rate at which Lehigh Valley home prices are rising has slowed.”

December Stats

Closed Sales dipped 10.9 percent to 483 listings. Inventory slipped 30.3 percent – there were 488 units in December for Lehigh and Northampton counties. With inventory still not at sufficient, comfortable levels, the Median Sales Price increased 3.5 percent to $300,000.

Other notable housing statistics for December include:

  • New Listings decreased 4.3 percent to 355.
  • Pending Sales were up 10.1 percent to 392.
  • Months Supply of Inventory slid 18.2 percent to 0.9 months.
  • Percentage of List Price Received increased 1.2 percent, coming in at 100.4 percent.
  • Homes sold, on average, in 21 days, four days faster than the previous December.

In Carbon County, the Median Sales Price increase to $209,000. Closed Sales dropped to 50. Pending Sales remained steady, decreasing just one listing and landing at 43. New Listings bumped up to 44. Inventory increased to 124 units, leading to a Months Supply of Inventory that increased to 2.2 months. Days on Market increased to 37 days vs. 28 days the previous December.

“As mortgage interest rates have been flat since December 21, home buyers can plan smartly as they enter the buying market,” said GLVR President Howard Schaeffer. “Potential buyers know the homes they view are within their price range without any expected large swings. While more buyers are expected to enter the market as mortgage interest rates decline, bidding wars could intensify in a limited housing inventory environment. REALTORS® play a critical role in helping buyers with negotiations and in finding the right home.”