November 14, 2018
October Data Shows Calm, Balance Settling Over Housing Market
The Greater Lehigh Valley REALTORS® (GLVR) reported October data showed that a trend of market balance is emerging as we approach the end of 2018.
Click HERE to view the full Market Update report for October 2018.
“If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year,” said GLVR CEO Justin Porembo. “Prices are still rising, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices.”
Prices in October continued to gain traction. The Median Sales Price increased 3.9 percent to $197,500. Homes continued to sell quickly, lasting, on average, just 38 days on the market. Inventory levels shrank just 5.8 percent to 2,138 units, leading to a Months Supply of Inventory that dropped 6.3 percent to 3.0 months.
Closed Sales remained stable, increasing 0.4 percent to 718. New Listings increased 11.6 percent to 997. Pending Sales were up 7.8 percent to 764.
“The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months,” said GLVR President Sean LaSalle. “This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.”
Carbon County saw another solid month and market balance. In October, New Listings increased to 96, and the Median Sales Price increased to $128,500. Pending Sales climbed to 62, and there was an increase in Inventory, which was up to 363 units.