The Greater Lehigh Valley REALTORS® (GLVR) reported November data showed housing affordability continuing to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year.
GLVR Members: Click HERE to view the full Market Update report for November 2022.
“Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand and to not trade in their current lower rates for significantly higher borrowing costs on their next property,” said GLVR CEO Justin Porembo. “As a result, existing-home and pending home sales have continued to slow as we move into winter.”
Closed Sales dipped 32.1 percent to 527 listings. With inventory still not at sufficient, comfortable levels – there were 728 units in November for Lehigh and Northampton counties – the Median Sales Price increased 15.6 percent to $300,000.
Other notable housing statistics for November include:
- New Listings slipped 27.3 percent to 498.
- Pending Sales were down 24.4 percent to 520.
- Months Supply of Inventory was up 10.0 percent to 1.1 months.
- Percentage of List Price Received went slightly above and beyond, but it did tumble 0.3 percent to 100.6 percent.
- Homes sold, on average, in 18 days, the same number of days as the previous November.
In Carbon County, the Median Sales Price increased to $235,900. Closed Sales were down to 59. Pending Sales dropped to 61. New Listings fell to 49. Inventory came in at 127 units, a slide of just three properties, leading to a Months Supply of Inventory that remained steady at 1.9 months. Days on Market increased to 37 days.
“Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly,” said GLVR President Howard Schaeffer. “REALTORS® have been encouraging the Biden administration and our local legislators to keep housing supply and affordability at the top of the legislative agenda.”
Schaeffer added, “The administration has several tools it can use now to reduce costs. Reducing fees for first-time home buyers, expanding housing voucher programs, and providing incentives for more participation from housing providers would provide direct and immediate support for renters and aspiring homeowners. We look forward to continuing this conversation and bringing help where it matters.”