June 14, 2022
Lehigh Valley Housing Prices Reach $290,000 -- Another New Record
The Greater Lehigh Valley REALTORS® (GLVR) reported May data showed that year-over-year, the two dueling Mays were comparable to each other, but this past month notably soared ahead with a $40,000 gain in the Median Sales Price – and set another sales price record.
GLVR Members: Click HERE to view the full Market Update report for May 2022.
“High home prices and a surge in mortgage interest rates are slowing buyer activity, and economists predict sales will continue to soften in the near future, but this may then put some much-needed downward pressure on home prices,” said GLVR CEO Justin Porembo. “Current housing market conditions are not ideal for buyers. We know this. We see this. We’re taking this information to where it matters.”
Where, exactly? To Harrisburg. Led by GLVR’s Government Affairs Director Matthew Marks, a contingent of REALTOR® members participated in a Hill Visit on June 8, 2022. Meeting with legislators, including Sen. Lisa Boscola, Rep. Zach Mako, Rep. Ann Flood, Rep. Ryan Mackenzie, and Rep. Doyle Heffley, the group discussed the housing market, how record-setting prices and low inventory are impacting Pennsylvanians trying to buy homes, and more.
“Our advocacy for both buyers and sellers doesn’t end with one advocacy day in Harrisburg,” said Marks. “Legislators from the Greater Lehigh Valley were each given a report that details the current housing market in their district, and we were able to discuss directly with them how their constituents are being affected. Our legislators having a pulse on these issues will hopefully lead to solutions and relief in known trouble spots.”
Closed Sales dipped 22 listings over last May – or 3.3 percent – to 649. With inventory still not at sufficient, comfortable levels – there were just 660 units in May for Lehigh and Northampton counties – the Median Sales Price increased 16.0 percent to $290,000.
May beats the Median Sales Price record that was set in March and April, which was $280,000.
Other notable housing statistics for May include:
- New Listings slipped 0.9 percent to 994.
- Pending Sales were down 2.0 percent to 854.
- Months Supply of Inventory was down 10.0 percent to 0.9 months.
- Percentage of List Price Received went above and beyond, increasing 1.7 percent to 104.4 percent.
- Homes sold, on average, in 16 days, up just one day from May 2021.
In Carbon County, the Median Sales Price increased to $225,000. Closed Sales went up to 77. Pending Sales slipped just three listings to 77. New Listings jumped to 104. Inventory fell to 100 units, leading to a Months Supply of Inventory of 1.4 months. Properties moved at a hot pace for the association’s more rural county, with Days on Market coming in at 22 days.
“While inventory is still low, the slowdown in sales has provided a much-needed lift to housing supply, with inventory actually starting to trend in a positive direction,” said GLVR President Howard Schaeffer. “As the Greater Lehigh Valley and the nation continues to explore ways to solve the ongoing housing shortage, we look forward to working with state and federal legislators, and our counterparts at the Pennsylvania Association of Realtors® and the National Association of REALTORS®, on ways to expand housing access through a number of administrative and legislative actions and to help relieve the nation’s housing crisis.”