Data comparisons of February 2013 to last year at the same time indicate that closed sales were up 18.5 percent to 352, while inventory decreased 18.1 percent to 3,196 units and new listings decreased 11.3 percent to 838, according to the Lehigh Valley Association of Realtors (LVAR), based on a research report on the February housing market using data from its Multiple Listing System.

The monthly indicators show an increase in home sales, average sales price and the affordability index over the same time last year.

The average sales price rose slightly at 1.4 percent to $168,288.

Homes were on the market an average of 83 days, a decrease of 14.4 percent.

LVAR research reports that absorption rates improved as the supply of inventory was down 29.5 percent to 6.2 months.

According to the National Association of Realtors, a four- to seven-month inventory is typically regarded as constituting a balanced real estate market.

The housing affordability index was up 3.8 percent to 221.

The index is an analysis of affordability in the region. LVAR data indicates that the median household income in the Lehigh Valley is 221 percent of what is needed to qualify for a median-priced home under prevailing interest rates.

"Homebuyers need to be cognizant of the shorter time homes are on the market. When qualified homebuyers find a home they love, they need to take immediate action and make an offer," said Therese Kelley, President of LVAR.

"LVAR is continually collecting, monitoring and analyzing data to provide the most accurate and current housing market research to our members, the public and the media," said Ryan Conrad, CEO of LVAR. "Access to data may be found at LVAR.org in the consumer section."