The Greater Lehigh Valley REALTORS® (GLVR) reported September data showed the real estate market continuing to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity.
GLVR Members: Click HERE to view the full Market Update report for September 2022.
“The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in 2022 as mortgage interest rates topped 6% for the first time since 2008, causing existing home sales in the U.S. to decline for the seventh consecutive month,” said GLVR CEO Justin Porembo. “Inventory remains lower than normal, and as the market continues to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead.”
This, along with the normal seasonal slowdown, is being seen here in the Lehigh Valley.
Closed Sales dipped 15.9 percent to 722 listings. With inventory still not at sufficient, comfortable levels – there were 790 units in September for Lehigh and Northampton counties – the Median Sales Price increased 13.4 percent to $298,250.
Other notable housing statistics for September include:
- New Listings slipped 21.0 percent to 696.
- Pending Sales were down 20.5 percent to 611.
- Months Supply of Inventory was down 7.7 percent to 1.2 months.
- Percentage of List Price Received went above and beyond, but it did tumble 0.3 percent to 101.3 percent.
- Homes sold, on average, in 17 days, up just one day from the previous September.
In Carbon County, the Median Sales Price increased to $196,000. Closed Sales were up to 84. Pending Sales dropped to 68. New Listings went up two listings to 89. Inventory increased, coming in at 154 units, leading to a Months Supply of Inventory that increased to 2.2 months. Days on Market increased to 31 days.
“There’s no denying that the real estate market is in flux,” said GLVR President Howard Schaeffer. “Potential buyers are contending with higher-than-expected housing prices and interest rates, and sellers are struggling to find new properties to move into before closing on their current residences. This has left many wondering whether they should just wait or risk a loss by engaging with a volatile market.”
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.”