The Greater Lehigh Valley REALTORS® (GLVR) reported November data showed low inventory, elevated sales prices, and decades-high interest rates continuing to weigh on the housing market – with the added seasonal slowdown not seen in recent years when the pandemic-induced flood of demand made the winter selling season more like the spring selling season.
GLVR Members: Click HERE to view the full Market Update report for November 2023.
“That said, the 30-year fixed-rate mortgage, which has been backing away from its near-8% high in October, dropped to 7.56% this week,” said GLVR CEO Justin Porembo. “With mortgage rates expected to continually ease, buyers waiting on the sidelines should return to the market in 2024, normalizing home sales.”
November Stats
Closed Sales dipped 12.2 percent to 483 listings. Inventory slipped 27.5 percent – there were 604 units in November for Lehigh and Northampton counties. With inventory still not at sufficient, comfortable levels, the Median Sales Price increased 5.4 percent to $316,075.
Other notable housing statistics for November include:
- New Listings increased 1.8 percent to 512.
- Pending Sales were down 2.0 percent to 482.
- Months Supply of Inventory slid 7.7 percent to 1.2 months.
- Percentage of List Price Received increased 0.3 percent, coming in at 100.8 percent.
- Homes sold, on average, in 20 days, two days slower than the previous November.
In Carbon County, the Median Sales Price decreased to $208,715. Closed Sales remained steady, decreasing just one listing and landing at 60. Pending Sales decreased to 46. New Listings bumped up six listings to 56. Inventory increased to 139 units, leading to a Months Supply of Inventory that increased to 2.5 months. Days on Market increased to 42 days vs. 37 days the previous November.
“Just six weeks ago, mortgage rates were hovering at 20-year highs and pushing toward 8%,” said GLVR President Howard Schaeffer. “Over recent weeks, rates have fallen. For home buyers who are taking on a mortgage to purchase a home (and sellers looking to sell and buy again) and have been wary of the autumn rise in mortgage rates, the market is turning more favorable and there should be optimism entering 2024 for a better market.”