Closed sales of houses in the Lehigh Valley have decreased for the fifth straight month.

Closed sales of houses in the Lehigh Valley decreased 7.9 percent in May to 2,145, compared to 2,328 in May 2013.

That's an improvement over April.

Closed sales in April decreased 11.3 percent to 1,524, compared to 1,719 in April 2013.

April figures were also less of a percentage drop than in March when closed sales of houses in the Lehigh Valley decreased 15.2 percent, 407 houses, down from 480 closed sales of houses in March 2013.

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

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

The five-month decline in closed sales contrasts with 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.

Closed sales data includes that for single-family homes, townhomes and condominiums.

Pending sales were up 1.7 percent in May, compared to last year at the same time. Pending sales reflect homes that are under contract but have not yet closed.

According to Kim Lucas-Mantz, President of LVAR, pending sales affect the following month's closed sales.

During May, new listings increased 5.6 percent to 1,273, compared to 1,206 the same month last year.

"The continued increase of new listings, from the same time last year and over the last three months, has us optimistic that this trend will continue and will increase the amount of housing inventory from which buyers may choose," said Ryan Conrad, CEO of LVAR.

Absorption rates improved as "Months Supply of Inventory" in May 2014 was down 7.9 percent to seven months. Inventory of four to seven months is typically regarded as constituting a balanced real estate market.

Year-to-date, the median sales price remained the same at $160,000. 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 average sales price was $181,019, a 1.4 percent decrease.

Average sales and median prices fluctuate 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.

Over the last five months, on average, homes have been on the market for 77 days, a 4.1 percent increase over the same timeframe last year.

Homebuyers should not, however, view the slight increase in "Days on Market" as additional breathing room, according to Lucas-Mantz.

"Homeowners need to be cognizant of the shorter time homes are on the market," Lucas-Mantz said. "When qualified homebuyers find a home they love, they need to take immediate action and make an offer."

The statistics are provided by the Lehigh Valley Association of Realtors (LVAR) and were collected from its Multiple Listing Service (MLS) that compiles data from more than 2,000 Realtor members.

The Lehigh Valley Association of Realtors is a not-for-profit trade association providing professional development and training resources, competitive market information, legislative advocacy, a peer review and mediation process for members, and a dispute resolution service for consumers.

LVAR owns and operates the Lehigh Valley Multiple Listing Service, the Lehigh Valley Real Estate Academy and is publisher of Lehigh Valley Real Estate Weekly.