July 15, 2019
Summer Housing Market Continues Trend of Low Inventory, Higher Prices
The Greater Lehigh Valley REALTORS® (GLVR) reported June data showed that the Lehigh Valley’s residential real estate market continues its stable pace, partially due to the economy performing well and low unemployment.
GLVR Members: Click HERE to view the full Market Update report for June 2019.
In addition, the second quarter of 2019 saw a jump in optimism in selling, according to the National Association of REALTORS® Housing Opportunities and Market Experience (HOME) survey, as 46 percent of consumers strongly held that now is a good time to sell a home, up from 37 percent in the first quarter.
The Lehigh Valley, though, is still on the hunt for those sellers, as Inventory levels in June shrank 16.4 percent to 1,718 units, leading to a Months Supply of Inventory that dropped 17.2 percent to 2.4 months.
Low inventory again brought higher prices – the Median Sales Price increased 5.6 percent to $216,500 – and homes were selling, on average, in just 32 days. On this, GLVR CEO Justin Porembo noted, “Home prices increasing only moderately is a contributing factor as to why the overwhelming majority feel that now is a good time to sell. With home price appreciation slowing, home sellers understand that the days of large price gains from holding an extra year are over."
GLVR President Carl Billera added, “An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. In addition, with the Federal Reserve indicating it will not raise the federal funds rate in 2019, we are hopeful for an increase in housing sales in the second half of the year.”
In Carbon County, the Median Sales Price increased 3.1 percent to $132,000. Closed Sales and Pending Sales climbed to 74 and 81, respectively. There was a decrease in Inventory, which came in at 336 units.