December 13, 2018
November Data Shows Low Unemployment Helping Housing Industry
The Greater Lehigh Valley REALTORS® reported November data showed that low unemployment the U.S. is helping the housing industry as 2018 begins to come to a close.
Click HERE to view the full Market Update report for October 2018
“Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity,” GLVR President Sean LaSalle said. “Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single-family home construction projects in the face of rising mortgage rates and fewer showings.”
Prices in November continue to gain traction. The Median Sales Price increased 5.4 percent to $195,000. Homes lasted an average of 39 days on the market, down 9.3 percent. Inventory levels shrank 8.6 percent to 1,935, the Months Supply down 10.0 percent to 2.7 months.
New Listings decreased 7.0 percent to 674, while Pending Sales were up 1.3 percent to 609. Closed sales shrank 3.6 percent to 669.
“The booming U.S. economy continues to prop up home sales and new listings in much of the nation,” GLVR CEO Justin Porembo said. “Inventory challenges continue to be a focal point.”
Carbon County inventory increased 15.2% to 348, while Months supply remained steady at 0.0 percent to 5.9. The Median Sales Price increased 24.9% to $149,000 and Pending Sales climbed 12.5 percent to 54.