The Greater Lehigh Valley Realtors reports that the January housing market indications point to more sales, more listings and more new construction.

Closed sales increased 5.7 percent to 373 houses, up from 353 houses sold in January 2014.

Pending sales were up 51.2 percent to 549, from 363 in January 2014.

The affordability index, which measures whether or not a typical family can afford a home with current interest rates, increased 17.5 percent in January, meaning more families could buy a home in the Lehigh Valley.

"It feels like a healthy market, which is a great way to start the year," said Ryan Conrad, CEO of Greater Lehigh Valley Realtors.

The change in percentage of list price received was minimal, as sellers attained 95.5 percent of the listed price on their home.

Average number of days on the market was unchanged from last year at 73.

The median sales price dropped 8.5 percent to $150,000, down from $164,000 in January 2014.

The average sales price dropped 5.6 percent to $176,775, down from $187,314 in January 2014.

New listings for January were down 7.9 percent to 782, down from 849 in January 2014.

Homes for sale were down 6.9 percent to 3,403, down from 3,655 in January 2014.

Inventory levels shrank 10.6 percent to a 5.9 months' supply, down from 6.6 months' supply in January 2014.

In Carbon County, pending sales were up 11.5 percent. Median and average sales also rose and the affordability index is up 17.5 percent. Although inventory is dropping, there is still a 9.1 months' supply.

Fannie Mae and Freddie Mac's 3 percent down payment programs are expected to help new homeowners.

Said Chris Raad, president of the association, "Mortgage rates are expected to remain low, but they're probably at or near the bottom. The wider economy shows slight wage increases and gas prices are going down. Economic changes like these can change stagnant housing markets into exciting ones."

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.