Closed sales of houses in the Lehigh Valley finished the year 2014 strongly, rising 16 percent, from 520 in December 2013 to 603 in December 2014, according to The Greater Lehigh Valley Realtors (GLVR).

The double-digit jump in closed sales for December was only the second time for a monthly year-to-year increase in 2014.

The previous month for an increase in closed sales in 2014 was October.

All the other months, including November, posted a decline in closed sales during 2014.

An even bigger percentage jump in pending sales closed the year 2014.

Pending sales were up 24.5 percent, from 347 in December 2013 to 432 in December 2014.

However, for the year 2014, closed sales were down 2 percent, from 6,695 in 2013 down to 6,558 in 2014.

For the year 2014, pending sales were up 1 percent, from 6,739 in 2013 to 6,804 in 2014.

The affordability index, which measures whether or not a typical family can afford a home based on interest rates, increased 8.5 percent in December, meaning more families could buy a home in the Lehigh Valley, according to the GLVR.

For the year, the affordability index was up. 0.5 percent.

The percentage of list price received increased 0.5 percent, so sellers attained 95.8 percent of the listed price on their home in December 2014, about the same as in December 2013 when they received 95.3 percent of the listed price.

"The month's supply of inventory, which is the number of homes for sale at the end of the month, divided by the average monthly pending sales from the 12 months, was down 1.6 percent to 6.2 months [in December 2014]," according to Greater Lehigh Valley Realtors Chief Executive officer Ryan Conrad, compared 6.3 months in December 2013.

"Not only did this fall within the four- to seven-month range constituting a balanced real estate market, but it really encouraged sellers," according to Conrad.

House prices in the Lehigh Valley were not as strong.

The median sales price declined 7.5 percent, from $172,950 in December 2013 to $160,000 in December 2014.

Median sales held even for the year at $170,000 for the year 2013, compared to $170,000 for the year 2014.

The average sales price declined 2.4 percent, from $193,874 in December 2013 to $189,205 in December 2014.

Although average sales prices were down in December 2014, they were up 2.1 percent, from $193,042 for the year 2013 to $197,170 for the year 2014.

"2014 has been another recovery year with price gains continuing their positive momentum. With a broad pattern of rising prices and improving inventory, the market has shifted from being undersupplied to approaching equilibrium," said Chris Raad, GLVR president.

The number of homes for sale decreased 1.3 percent from 3,539 in December 2013 to 3,492 in December 2014.

New listings were up 5,9 percent, from 527 in December 2013 to 558 in December 2014, and for the year, were up 2.8 percent, from 12,078 in 2013 to 12,413 in 2014.

Days on the market was up 4.3 percent, from 70 days in December 2013 to 73 days in December 2014, and for the year, was down 1.4 percent, from 71 days in 2013 to 70 days in 2014.

During October 2014, closed sales increased 7.4 percent, to 635, compared to 591 in October 2013.

That marked a reversal of a nine-month negative trend in closed sales of houses in the Lehigh Valley during 2014.

According to housing market data released by the Lehigh Valley Association of Realtors (LVAR), during November, closed sales decreased 7.5 percent, or 481, down from 520 in November 2013.

Here's an overview of closed sales in 2014:

December: 16 percent increase, 603, up from 520 in December 2013;

November: 7.5 percent decrease, 481, down from 520 in November 2013.

October: 7.4 percent increase, 635, up from 591 in October 2013.

September: 8.7 percent decrease, 555, down from 608 in September 2013.

August: 7.3 percent decrease, 652, down from 703 in August 2013;

July: 10.6 percent decrease, 656, down from 734 in July 2013;

June: 9.3 percent decrease, 627, down from 691 in June 2013;

May: 7.9 percent decrease, 2,145, down from 2,328 in May 2013;

April: 11.3 percent decrease, 1,524, down from 1,719 in April 2013;

March: 15.2 percent decrease 407, down from 480 in March 2013;

February: 10 percent decrease, compared to February 2013; and

January; 3.1 percent decrease, compared to January 2013.

Closed sales of houses for 2013 were 15.5 percent higher than 2012 and 32 percent higher than in 2011.

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

The monthly housing data is collected by the LVAR from its Multiple Listing Service (MLS), a comprehensive and nonbiased database that includes housing market information from its more than 2,000 Realtor members.

LVAR 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.