Closed sales of houses in the Lehigh Valley during last month decreased 15.2 percent, 407 houses, down from 480 closed sales of houses in March 2013, according to the Lehigh Valley Association of Realtors (LVAR).

The LVAR statistics represent the third straight month for a decline in closed sales of houses in the Lehigh Valley.

Closed sales data is based on all types of homes, including single-family homes, townhomes and condominiums.

Closed sales in February were down 10 percent, compared to February 2013, according to LVAR.

Closed sales in January were down 3.1 percent, compared to January 2013, according to LVAR.

The three-month statistics for this year contrast with steady month-to-month closed sales percentage increases and last year's overall yearly increases.

Closed sales for the year in 2013 were 15.5 percent higher than 2012 and 32 percent higher than in 2011.

"The winter weather is partially responsible for the decrease in sales," said Ryan Conrad, CEO of LVAR.

"We believe that it may delay the seasonable trend of rising home sales by two to three months," he added.

According to Conrad, the uncertainty of economic conditions may have also contributed to the decline in sales.

"As we see local economic conditions improving, home sales will increase. As home sales increase, the local economy gets a boost," Conrad said.

Pending sales, that is of homes that are under contract yet have not closed, increased 6.4 percent last month to 647, compared to 608 during March 2013.

"Pending sales directly affect closed sales in the following month," said Kim Lucas-Mantz, President of LVAR.

Last month, new listings were recorded at 1,157, an increase of 12.5 percent compared to 1,028 listings for March 2013.

"People are beginning to list their homes as weather conditions improve," Lucas-Mantz said.

The median sales last month decreased 1.6 percent to $155,000, compared to $157,500 recorded in March 2013. The median sales price reflects the median point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.

The month's supply of inventory decreased 12.7 percent to a 6.2 months' supply. Inventory of four - seven months is typically regarded as constituting a balanced real estate market.

The average days on the market remained the same.

Data was compiled and analyzed from more than 2,000 Realtor members through LVAR's Multiple Listing Service (MLS).

The National Association of Realtors estimates that one job is generated or supported for every two home sales. Using that ratio, 1,000 home sales generate 500 jobs.