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Published on July 15, 2024

The Greater Lehigh Valley REALTORS® (GLVR) reported June data showed higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year.

GLVR Members: Click HERE to view the full Market Update report for June 2024.

“Economists advise buyers – and sellers who are hesitant to list and become buyers themselves – to act now, as the ultra-low rates of 2-3 percent from the pandemic era are unlikely to return soon,” said GLVR CEO Justin Porembo. “Federal Reserve Chair Jerome Powell last week reaffirmed his commitment to maintaining high interest rates until achieving a 2 percent inflation rate to support broader economic recovery. Buyers waiting for mortgage rates to again be at once-in-a-lifetime lows are likely going to be waiting a very long time.”

June Stats

Closed Sales dipped 10.6 percent to 591 listings. Inventory increased 6.6 percent – there were 664 units in June for Lehigh and Northampton counties. With inventory not at a healthy balance between buyers and sellers, the Median Sales Price increased 7.8 percent to $361,100 – soaring past the sales price record of $335,00 (first set in June 2023 and tied in April 2024).

Other notable housing statistics for June include:

  • New Listings increased 7.3 percent to 748.
  • Pending Sales increased 6.0 percent to 632.
  • Months Supply of Inventory grew 18.2 percent to at 1.3 months.
  • Percentage of List Price Received slipped 0.5 percent, but still came in above and beyond at 102.3 percent.
  • Homes sold, on average, in 15 days, the same amount of days as the previous June.

In Carbon County, the Median Sales Price decreased to $215,000. Closed Sales slid to 48. Pending Sales dropped to 55. New Listings increased to 90. Inventory saw a bump with 200 units, leading to a Months Supply of Inventory that increased to 3.7 months. Days on Market increased to 36 days vs. 27 days the previous June.

“While the increase in inventory has yet to temper home prices, one of the many great things about the Lehigh Valley is the variety of options in housing, price points, rural vs. city, and more,” said GLVR President Lori Campbell. “With the support of a REALTOR®, consumers can expect expert understanding of the market and a purchase/sale at the price and terms they want and/or need.”