Lehigh Valley home prices continue to increase.
According to a survey by the Greater Lehigh Valley Realtors, the median price of a home sold in Northampton and Lehigh counties peaked in June at $361,100, a 7.8% rise over June 2023 when prices soared to $335,000, the highest price ever recorded in the region's history (matched in April 2024).
According to GLVR CEO Justin Porembo, rising sales prices actually made it harder for the market to operate during what is usually one of the busiest months of the year. "It seems possible that buyers will have to wait a very long time for mortgage rates to drop to once-in-a-lifetime levels again."According to the data, in June, sellers received about 102% of the asking price for their houses.
The GLVR Housing Affordability Report, in May, the median household income satisfied 98% of the requirements needed to be eligible for a median-priced home at the current interest rate. That figure represented an 8-point decrease from the prior year. According to GLVR President Lori Campbell, "one of the many wonderful things about the Lehigh Valley is the range of options in housing, price points, rural vs. city, and more, even though the increase in inventory has yet to moderate home prices."
Closed sales decreased 10.6% overall to 591 listings.
Quick overview of June 2024 housing data:
-New Listings rose 7.3% to 748 Listings
-Pending Sales rose by 6% 632
-Months of Inventory Supply increased by 18.2% to 1.3 months.
-Even if it decreased by 0.5%, the percentage of list price received—102.3%—was still above and beyond.
-Similar to June of last year, homes sold in an average of 15 days.
The Median Sales Price in Carbon County dropped to $215,000. Closed deals decreased to 48. Pending Sales fell to fifty-five. There are now ninety new listings. With 200 units added to the inventory, the months' supply of inventory climbed to 3.7 months. Days on Market saw a rise to 36 days from 27 days in June of the prior year.
According to Bankrate.com, the average interest rate on a 30-year fixed mortgage as of Monday is 6.85%, which is a 7 basis point decrease over the previous week. The interest rate on a 30-year refinancing was 6.84% on average.
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