The Greater Lehigh Valley REALTORS® (GLVR) reported June data showed the beginning of summer coming in – dare we say it – hot. June saw two records broken in Median Sales Price and Days on Market.
GLVR Members: Click HERE to view the full Market Update report for June 2022.
June’s Median Sales Price came in at $316,000, an increase of 14.9 percent over the previous June. This new record breaks the one-month record that was set in May, which was $290,000.
Homes sold, on average, in 12 days. The previous record was 13 days, set back in July 2021.
“With monthly mortgage payments up more than 50 percent compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers,” said GLVR CEO Justin Porembo. “That said, while some buyers are walking away due to higher interest rates or simply not being able to find a home that fits their needs and/or budget, the Lehigh Valley is a hot commodity, so for every buyer that steps away, another is waiting in the wings. The Lehigh Valley housing market is not cooling down quite as much as other parts of the nation.”
Closed Sales dipped 14.5 percent to 771 listings. With inventory still not at sufficient, comfortable levels – there were 770 units in June for Lehigh and Northampton counties – the Median Sales Price increased 14.9 percent to $316,000.
Other notable housing statistics for June include:
- New Listings slipped 9.4 percent to 998.
- Pending Sales were down 6.9 percent to 829.
- Months Supply of Inventory was down 8.3 percent to 1.1 months.
- Percentage of List Price Received went above and beyond, increasing 1.2 percent to 103.8 percent.
- Homes sold, on average, in 12 days, down three days, or 20.0 percent.
In Carbon County, the Median Sales Price increased to $250,000. Closed Sales were down to 73. Pending Sales slipped five listings to 67. New Listings jumped to 111. Inventory fell two units to 129 units. Months Supply of Inventory increased to 1.8 months. Properties moved at a swift pace for the association’s more rural county, with Days on Market coming in at 19 days.
“As existing home sales continue to soften, housing supply is slowly improving, with inventory trending – no matter how slightly – in a positive direction,” said GLVR President Howard Schaeffer. “In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around. I continue to recommend consumers have a Realtor® by their side to help them close on the home of their dreams at the price and terms they want and need.”