BETHLEHEM, Pa. — The Lehigh Valley housing market cooled as outdoor temperatures rose in June, thanks to interest rates that remain high and housing inventory that remains low.
According to the Greater Lehigh Valley Realtors:
- Closed sales dipped 23.8% to 620 listings
- Inventory fell 38.4%
- Median sales price increased 5.3% to $335,000 because of inventory of only 544 units in Lehigh and Northampton counties
New listings dropped 30.8% to 694 and pending sales also fell 22.3% to 618, according to a written release from GLVR.
Additionally, homes sold in an average of 14 days, an increase of two days, and the months' supply of inventory fell to one month, they said.
“As demand continues to outpace supply, prospective homeowners face increased competition, leading to bidding wars and elevated property prices.
This scarcity of options has forced many buyers to put their homeownership plans on hold or to consider alternative options,” said GLVR CEO Justin Porembo.
“By staying informed and adapting strategies to prevailing conditions, consumers...can navigate the real estate landscape effectively.”Howard Schaeffer, GLVR president
That may explain why, even though the list price received fell 0.9% in June, it still came in at 102.9%, they said.
“By staying informed and adapting strategies to prevailing conditions, consumers...can navigate the real estate landscape effectively,” GLVR President Howard Schaeffer said.
