Closed sales of homes during June 2013 increased 9.2 percent over the same time last year in the Lehigh Valley. The total number of closed sales was calculated at 654.

The information is the result of data collected through the Lehigh Valley Association of Realtors (LVAR) Multiple Listing Service.

"LVAR's June housing market research reflects the current economic recovery," said Ryan Conrad, CEO of LVAR. "Positive indicators include the increase in closed and pending sales and the decrease in the number of days on the market and the months of inventory."

Pending sales, properties on which offers have been accepted but have not closed, increased 16.9 percent to 697.

"The increase in pending sales is expected to boost closed sales during the month of July," said Therese Kelley, President of LVAR. "In the marketplace, we're seeing homes selling much more quickly than they did at the same time last year. That's great news for the Lehigh Valley housing market."

Statistics show that the number of days on the market decreased 15.4 percent to 66 days compared to 78 days the same time last year.

Inventory is also decreasing as the number of homes for sale was tabulated at 3,664, a decrease of 12.7 percent from last June.

Absorption rates improved, as the months of inventory decreased 23.9 percent to a 6.7 month supply.

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

Year-to-date research indicates that the average sales price was down 1.1 percent to $185,838, compared to 2012 figures.

The average sales price is determined by the total cost of homes sold divided by the total number of homes sold and fluctuates monthly depending on the number of sales at the high or low end of the price range. The year-to-date numbers generally remain more constant.

"LVAR's June housing market research continues the positive trends that we have been seeing in the past," said Conrad.