The Greater Lehigh Valley REALTORS® (GLVR) reported July data showed a cooling of the housing market in the Lehigh Valley, as rising mortgage rates, record-high sales prices, and a lack of inventory weakened demand and priced out a multitude of buyers.
GLVR Members: Click HERE to view the full Market Update report for July 2022.
“As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand,” said GLVR CEO Justin Porembo. “A few downsides are rental prices are also increasing and scammers are taking advantage of someone’s desperation by posting fake rental ads and then stealing deposit money.”
While the association is an advocate for homeownership, Porembo noted that individuals looking to rent can use a Realtor® to find a rental property that is the real deal.
“I continue to recommend consumers have a Realtor® by their side to help them close on the home of their dreams – or the rental property they’ve been eyeing up – at the price and terms they want and need,” Porembo said.
Closed Sales dipped 18.3 percent to 752 listings. With inventory still not at sufficient, comfortable levels – there were 826 units in July for Lehigh and Northampton counties – the Median Sales Price increased 9.1 percent to $300,000.
Other notable housing statistics for July include:
- New Listings slipped 19.9 percent to 876.
- Pending Sales were down 11.9 percent to 745.
- Months Supply of Inventory was down 14.3 percent to 1.2 months.
- Percentage of List Price Received went above and beyond, increasing 0.1 percent to 102.6 percent.
- Homes sold, on average, in 13 days, down one day, or 7.1 percent.
In Carbon County, the Median Sales Price was unchanged at $220,000. Closed Sales were down three listings to 58. Pending Sales slipped two listings to 81. New Listings increased 13 listings to 114. Inventory saw a jump and came in at 156 units, leading to a Months Supply of Inventory that also increased to 2.2 months. Properties moved at a swift pace for the association’s more rural county, with Days on Market coming in at 19 days – up just two days from the previous July.
“Despite the current housing market struggles, there are bright spots,” said GLVR President Howard Schaeffer. “Inventory of existing homes has continued to move in a more positive direction, even if it’s not noticeable month-over-month, and despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 13 days.”