The Greater Lehigh Valley REALTORS® (GLVR) reported June data showed temperatures heating up, yet the housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season.
GLVR Members: Click HERE to view the full Market Update report for June 2023.
“Low inventory levels and increased borrowing costs have acted as primary hurdles, hampering market activity during a period when homebuying traditionally gains momentum,” said GLVR CEO Justin Porembo. “As demand continues to outpace supply, prospective homeowners face increased competition, leading to bidding wars and elevated property prices. This scarcity of options has forced many buyers to put their homeownership plans on hold or to consider alternative options.”
Closed Sales dipped 23.8 percent to 620 listings. Inventory slipped 38.4 percent – there were 544 units in June for Lehigh and Northampton counties. With inventory still not at sufficient, comfortable levels, the Median Sales Price increased 5.3 percent to $335,000.
Other notable housing statistics for June include:
- New Listings dropped 30.8 percent to 694.
- Pending Sales were down 22.3 percent to 618.
- Months Supply of Inventory slid 16.7 percent to 1.0 months.
- Percentage of List Price Received tumbled 0.9 percent (but still went above and beyond), coming in at 102.9 percent.
- Homes sold, on average, in 14 days, an increase of 16.7 percent (or 2 days)
In Carbon County, the Median Sales Price increased to $222,032. Closed Sales dipped to 54. Pending Sales increased to 70. New Listings slipped to 83. Inventory dropped to 129 units. Despite the decrease in inventory, Months Supply of Inventory increased slightly to 2.1 months. Days on Market increased to 28 days vs. 19 days the previous June.
“Local REALTORS® are committed to closely monitoring the current market dynamics and providing valuable insights to homebuyers and sellers,” said GLVR President Howard Schaeffer. “By staying informed and adapting strategies to prevailing conditions, consumers – with a REALTOR® by their side – can navigate the real estate landscape effectively.”