The Lehigh Valley Association of Realtors (LVAR) released data on the April housing market indicating that the local housing market is continuing to recover.

Pending sales were up 39.3 percent to 769 while the number of closed sales increased 3.1 percent to 492 units.

The average sales price was up 2.5 percent to $193,349 with 45 percent of the homes sold priced at $150,000 and below.

The increase in sales activity has caused inventory to decrease 14.8 percent to 3,506 units.

Homes are on the market an average of 67 days, a decrease of 25.6 percent from April 2012.

Absorption rates improved as the months supply of inventory was down 26.7 percent to 6.6 months. Inventory of four to seven months is typically regarded as constituting a balanced real estate market.

April 2013 data comparisons over last year at the same time indicate that the Housing Affordability Index was up 7.3 percent to 207.

The index is an analysis of affordability in the region. It indicates the median household income in the Lehigh Valley is 207 percent of what is needed to qualify for a median-priced home under prevailing interest rates.

"The housing affordability index is a strong indicator that the housing market is recovering," said Ryan Conrad, CEO of LVAR.

"Pending and closed sales increased over last year and our members have reported that many prospective homebuyers have decided to make the move to homeownership. The affordability index plays a key role in decision-making," Conrad said.