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The Greater Lehigh Valley REALTORS® (GLVR) reported July data showed positive increases in key housing metrics, highlighting the strength and endurance of the local real estate market amidst broader national challenges.

GLVR Members: Click HERE to view the full Market Update report for July 2024.

“While the national real estate market has seen a significant slowdown due to leaving behind pandemic-era mortgage rates and rising sales prices, keeping many prospective buyers on the sidelines, the Lehigh Valley continues to demonstrate a remarkable resilience,” said GLVR CEO Justin Porembo. “July numbers show that even slightest bump in inventory has buyers are seizing the opportunity to invest in a region that offers unique lifestyle benefits and a strong sense of community, proving that localized factors can still drive dynamic real estate activity even amidst broader market challenges.”

July Stats

Closed Sales increased 9.7 percent to 600 listings. Inventory increased 19.3 percent – there were 802 units in July for Lehigh and Northampton counties. With inventory not yet at a healthy balance between buyers and sellers, the Median Sales Price increased 6.9 percent to $348,500.

Other notable housing statistics for July include:

  • New Listings increased 22.3 percent to 855.
  • Pending Sales increased 11.2 percent to 627.
  • Months Supply of Inventory grew 25.0 percent to 1.5 months.
  • Percentage of List Price Received slipped 0.2 percent, but still came in above and beyond at 102.0 percent.
  • Homes sold, on average, in 18 days, an increase of three days.

In Carbon County, the Median Sales Price decreased to $244,000. Closed Sales slid to 44. Pending Sales increased to 76. New Listings increased to 99. Inventory saw a bump with 209 units, leading to a Months Supply of Inventory that increased to 3.8 months. Days on Market increased to 36 days vs. 26 days the previous July.

“Mortgage rates have reached their lowest weekly level – 6.47% for a 30-year fixed-rate mortgage – since May 2023,” said GLVR President Lori Campbell. “This represents the largest one-week drop in mortgage interest rates we’ve seen in nine months. For those who have been waiting on the sidelines for rates to fall: Your time to act has arrived.”