The Greater Lehigh Valley REALTORS® (GLVR) reported September data showed homes sales falling 31.9 percent as would-be borrowers and sellers become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7 percent since mid-August.
GLVR Members: Click HERE to view the full Market Update report for September 2023.
“A buyer who purchased at $400,000 in 2021 would pay $1,289 a month for a mortgage compared to a buyer purchasing today, who would pay nearly $1,000 more per month,” said GLVR CEO Justin Porembo, citing a comparison from Jessica Lautz, deputy chief economist at the National Association of REALTORS®. “We all know where that $1,000 truly needs to go – utilities, food, commuting expenses, student debt payments, etc.
Closed Sales dipped 31.9 percent to 512 listings. Inventory slipped 33.7 percent – there were 605 units in September for Lehigh and Northampton counties. With inventory still not at sufficient, comfortable levels, the Median Sales Price increased 8.4 percent to $325,000.
Other notable housing statistics for September include:
- New Listings dropped 14.5 percent to 615.
- Pending Sales were down 4.6 percent to 557.
- Months Supply of Inventory slid 21.4 percent to 1.1 months.
- Percentage of List Price Received remained steady, coming in at 101.2 percent.
- Homes sold, on average, in 17 days, the same amount of days as the previous September.
In Carbon County, the Median Sales Price increased to $258,750. Closed Sales dipped to 52. Pending Sales saw an increase, coming in at 68. New Listings slipped to 82. Inventory dropped to 140 units, leading to a Months Supply of Inventory that decreased to 2.4 months. Days on Market increased to 39 days vs. 31 days the previous September.
“I’ve often said there will always be a seller and there will always be a buyer,” said GLVR President Howard Schaeffer. “The difference now is both sides – more so sellers – often need a compelling reason to enter the market. For sellers, it may be a significantly higher-paying job, a divorce or death, or the ability to pay in cash for their next home.”
Schaeffer added, “Current market conditions have presented challenges for both buyers and sellers. Local REALTORS® are dedicated to keeping a vigilant eye on the ever-changing market dynamics and offering invaluable guidance to those looking to buy or sell their homes. By remaining informed and being willing to flexibly adjust strategies to align with the current landscape, consumers, with the support of a REALTOR®, can confidently and successfully navigate the real estate market.”