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Published on June 13, 2023

The Greater Lehigh Valley REALTORS® (GLVR) reported May data showed the normally busy spring selling season stymied by inventory and higher interest rates impacting buyer affordability.

GLVR Members: Click HERE to view the full Market Update report for May 2023.

“While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve,” said GLVR CEO Justin Porembo. “With only 0.9 months’ supply heading into June, available homes are moving fast, with the typical home spending just over three weeks on the market.”

May Stats

Closed Sales dipped 22.0 percent to 519 listings. Inventory slipped 33.5 percent – there were 520 units in May for Lehigh and Northampton counties. With inventory still not at sufficient, comfortable levels, the Median Sales Price increased 6.9 percent to $310,000.

Other notable housing statistics for May include:

  • New Listings dropped 27.2 percent to 729.
  • Pending Sales were down 20.8 percent to 642.
  • Months Supply of Inventory slid 18.2 percent to 0.9 months.
  • Percentage of List Price Received tumbled 2.0 percent (but still went above and beyond), coming in at 102.3 percent.
  • Homes sold, on average, in 23 days, an increase of 43.8 percent (or 7 days)

In Carbon County, the Median Sales Price increased to $225,378. Closed Sales dipped to 58. Pending Sales dropped to 62. New Listings slipped to 95. Inventory saw an increase. With 131 units, the Months Supply of Inventory increased to 2.2 months. Days on Market increased to 23 days vs. 22 days the previous May.

“The national housing shortage is most acute in price points that middle-income buyers can afford, according to the National Association of REALTORS®,” said GLVR President Howard Schaeffer. “The market is short about 320,000 listings worth up to $256,000 – which is considered the affordability range for households earning up to $75,000 annually. Due to the pronounced inventory squeeze in these price points, middle-income buyers may find the steepest competition when shopping for homes.”

Schaeffer added, “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. The market may not be ideal, but your property is out there waiting for you – we’ll help you find it.”