January 12, 2016

Healthy Housing Market Accepts Rate Increase

The Greater Lehigh Valley REALTORS® (GLVR) reported that the December data shows that the housing market is willing to accept the much-anticipated rate increase with continued optimism. Closed sales were down 5.3 percent in December to 595 from 628, and new listings were down 16.8 percent to 505 from 607. But pending sales increased 42 percent from 383 to 544.

For the full Market Update for December 2015, click HERE.

Days on the market decreased 10.8 percent to 66. Median sales price increased 4.4 percent from $159,950 to $167,000. Average sales price was also up 4.7 percent to $197,173. And the percentage of list price received was relatively stable, up 0.8 percent to 96.6 percent.
“Prices continue to build traction,” notes Jim Zurn, President of Greater Lehigh Valley REALTORS®, “even after the Federal Reserve increased rates in December, and we expect a balanced market for the foreseeable future.”
“The residential housing market is a healthy piece of the economy,” says Greater Lehigh Valley REALTORS® CEO Justin Porembo. “And within the industry, we’ve instituted better lending standards, which is contributing to the health of the market.”
The Carbon County data shows closed sales up 53.6 percent, pending sales up 70.0 percent, and new listings down 1.2 percent. Median sales price is up 1.3 percent to $119,000, with percentage of list price received is at 93.0 percent.