Statistics compiled by the Lehigh Valley Association of Realtors (LVAR) for May indicate closed sales during May 2013 increased 7.3 percent to 570 as compared to 531 in May 2012 in the Lehigh Valley.

Pending home sales in the Lehigh Valley increased 39.9 percent in May from May 2012.

Pending sales reflect a count of the properties on which offers have been accepted, but the transaction has not yet been closed.

New listings in the Lehigh Valley increased 14.5 percent to 1,200.

The average sales price in the Lehigh Valley was recorded at $194, 290, up 3.5 percent over the previous year.

The median sales price in the Lehigh Valley rose 6.3 percent to $172,250.

Homes were selling more quickly as compared to last year in the Lehigh Valley with the number of days on the market recorded at 70, a decrease of 19.5 percent.

Absorption rates improved as the month's supply of inventory was down 25.8 percent to 6.6 months in the Lehigh Valley.

Inventory of approximately four to seven months is typically regarded as constituting a balanced real estate market.