- Home sales in September were down 31.9% from the same time a year ago
- The number of homes available also was down, 33.7%
- The Lehigh Valley's median home sale price was $325,000, up 8.4%
BETHLEHEM, Pa. — Home sales in the Lehigh Valley in September were down nearly 32% from the same time a year ago.
The Greater Lehigh Valley Realtors, or GLVR, said it’s a story that has repeated over the past several months because of low inventory and higher mortgage rates.
Mortgage rates have remained above 7% since mid-August, the group said.
A total of 512 homes were sold in Lehigh and Northampton counties in September, down 31.9% from September 2022. The number of homes available also fell, down 33.7% to 605 units, the Realtors group said in its monthly report issued Monday.
“A buyer who purchased at $400,000 in 2021 would pay $1,289 a month for a mortgage compared to a buyer purchasing today, who would pay nearly $1,000 more per month. We all know where that $1,000 truly needs to go — utilities, food, commuting expenses, student debt payments, etc."Greater Lehigh Valley Realtors Chief Executive Officer Justin Porembo
“A buyer who purchased at $400,000 in 2021 would pay $1,289 a month for a mortgage compared to a buyer purchasing today, who would pay nearly $1,000 more per month,” GLVR Chief Executive Officer Justin Porembo said.
“We all know where that $1,000 truly needs to go — utilities, food, commuting expenses, student debt payments, etc."
'Need a compelling reason to enter the market'
The median home sale price increased 8.4% to $325,000, according to the report.
“I’ve often said there will always be a seller and there will always be a buyer. The difference now is both sides — moreso sellers — often need a compelling reason to enter the market."Greater Lehigh Valley Realtors President Howard Schaeffer
Also:
- New listings dropped 14.5% in September from the year prior, to 615.
- Pending sales were down 4.6%, to 557.
- Homes sold, on average, in 17 days — the same amount as in September 2022.
“I’ve often said there will always be a seller and there will always be a buyer,” GLVR President Howard Schaeffer said in a news release. “The difference now is both sides — moreso sellers — often need a compelling reason to enter the market.
"For sellers, it may be a significantly higher-paying job, a divorce or death, or the ability to pay in cash for their next home.”
