The Greater Lehigh Valley REALTORS® (GLVR) reported February data showed that the slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, others are once again pulling back, causing sales activity to remain down heading into spring.
GLVR Members: Click HERE to view the full Market Update report for February 2023.
“Mortgage interest rates have dipped slightly from their peak last fall, but affordability constraints continue to limit homebuyer activity overall,” said GLVR CEO Justin Porembo. “With buyer demand also down from peak levels, home price growth has continued to slow, although prices remain up from a year ago. This means sellers have been increasingly offering sales incentives in an attempt to attract buyers, which is actually something our REALTOR® members are happy to see return to the market – home inspections, and the like.”
Closed Sales dipped 15.9 percent to 360 listings. Inventory slipped 2.4 percent (a difference of just 12 listings) – there were 489 units in February for Lehigh and Northampton counties. Months Supply of Inventory trended upward 14.3 percent to 0.8 months. With inventory still not at sufficient, comfortable levels, the Median Sales Price increased 15.1 percent to $299,275.
Other notable housing statistics for February include:
- New Listings slipped 28.9 percent to 458.
- Pending Sales were down 9.9 percent to 501.
- Percentage of List Price Received tumbled 1.5 percent to 99.9 percent.
- Homes sold, on average, in 30 days, an increase of 25.0 percent (or six days)
In Carbon County, the Median Sales Price increased to $232,500. Closed Sales were down to 36. Pending Sales improved four listings, coming in at 62. New Listings dipped to 53. Inventory was largely steady, decreasing just one listing. With 82 units, the Months Supply of Inventory increased to 1.3 months. Days on Market decreased to 28 days vs. 36 days the previous February.
“There’s no one-size-fits-all answer to when it’s the best time to buy a home, as everyone’s circumstances are different,” said GLVR President Howard Schaeffer. “But while rates are significantly higher than the previous year, they are still considered historically low.”
Schaeffer added, “I continue to recommend consumers have a REALTOR® by their side to help them close on the home of their dreams – or the rental property they’ve been eyeing up – at the price and terms they want and need. The market may not be ideal, but your property is out there waiting for you – we’ll help you find it.”