The Greater Lehigh Valley REALTORS® (GLVR) reported April data showed off a match of the Median Sales Price record and a spring market that wants to be busy but is stymied by inventory, mortgage rates, and other external economic factors.
GLVR Members: Click HERE to view the full Market Update report for April 2022.
“While we’re hopeful housing supply will be on the upswing as builders increasingly construct new homes, inflation will persist and in turn cause strain for would-be buyers,” said GLVR CEO Justin Porembo. “Affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat.”
Closed Sales dipped 8 listings over last April – or 1.3 percent – to 616. With inventory still not at sufficient, comfortable levels – there were just 570 units in April for Lehigh and Northampton counties – the Median Sales Price increased 13.7 percent to $280,000.
April meets the Median Sales Price record that was set in March, which was also $280,000.
Other notable housing statistics for April include:
- New Listings slipped 9.2 percent to 914.
- Pending Sales were down 2.8 percent to 760.
- Months Supply of Inventory was down 20.0 percent to 0.8 months.
- Percentage of List Price Received went above and beyond, increasing 2.0 percent to 103.3 percent.
- Homes sold, on average, in 14 days, down from 19 days in April 2021.
In Carbon County, the Median Sales Price increased to $195,000. Closed Sales were down to 58. Pending Sales increased to 68. New Listings dropped to 83. Inventory fell to 74 units, leading to a Months Supply of Inventory of 1.0 months. Properties started to move at a quicker pace again, with Days on Market dropping to 31 days (versus 42 days the previous April).
“All eyes are on the recent surge in mortgage rates, which have reduced the pool of eligible buyers and caused mortgage applications to decline,” said GLVR President Howard Schaeffer. “As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living – a situation that can, and is, creating a logjam for places like the Lehigh Valley.”