Closed sales of houses in the Lehigh Valley during October reached 566, an increase of 16.7 percent over the 485 homes sold during the month of October 2012, according to information culled by the Lehigh Valley Association of Realtors (LVAR).

Year-to-date comparisons show stable growth with closed sales recorded at 5,623 so far this year, up 15.8 percent from the October 2012 year-to-date sales of 4,857.

Data from October 2011 indicates that year-to-date closed sales have increased 35.1 percent since that time.

Pending sales of houses in the Lehigh Valley in October increased 37.7 percent over this time last year while year-to-date pending sales were tallied at 6,124, a strong increase of 16.8 percent from the 2012 year-to-date pending sales of 5,241.

Pending sales indicate the number of homes that are under contract but have not yet closed.

"Comparisons with research from a few years ago is a strong indicator that the housing market is in a steady recovery," said Ryan Conrad, CEO of LVAR.

The information is based on data from the LVAR Multiple Listing Service (MLS) from the more than 2,000 members of LVAR.

The median sales price increased 2.7 percent from $168,000 in October 2012 to $172,500 in the same month this year.

The month's supply of inventory (MSI), which is an estimation of the time required for all the homes in the market to sell or become absorbed, dropped to 6.8 months, a 15 percent decline from the eight-month MSI recorded in October 2012.

"Our members have homes for sale in a wide price range from under $100,000 to over one million," said Conrad. "The Lehigh Valley housing market is alive and well with options for everyone who is qualified and willing to take on the responsibilities of homeownership."