Closed sales increased by 4.3 percent last month to 339 houses, up from 325 houses for February 2014, the Greater Lehigh Valley Realtors (GLVR) has reported.

This continues an upward trend for the year so far. In January, closed sales increased 5.7 percent to 373 houses, up from 353 houses sold in January 2014.

The year to date closed sales are up 6.8 percent to 724, up from 678 in 2014.

Pending sales increased dramatically by 35.8 percent to 577 last month, up from 425 in the same month last year.

New listings were up 13.5 percent to 725 last month, up from 639 for February 2014.

The percentage of list price received went up another 0.6 percent to 96.1 percent last month, up from 95.5 percent in the same month last year.

The affordability index increased slightly by 1.9 percent. to 213 last month, up from 209 for February 2014.

The months' supply of inventory made a significant drop of 13.8 percent to 5.6 months, which is in the middle of the four to seventh-month range of a balanced real estate market, down from 6.5 percent for the same month last year.

Days on market increased by 10.4 percent to 85, up from 77 for February 2014. This may be, in great part, a reflection of the difficult winter in the northeast, according to GLVR officials.

Throughout February, inventory levels shrank 7.6 percent to 3,311 units, down from 3,585 for the same month last year. This trend is not expected to continue. GLVR officials said.

"Inventory is expected to rise and home sales are widely expected to increase as the nation begins to unfreeze," Greater Lehigh Valley Realtors Chief Executive officer Ryan Conrad said.

The median sales price increased 8.2 percent last month to $162,250, up from $150,000 for February 2014.

The average sales price increased 7.7 percent to $182,692, up from $169,599 for the same month last year.

Pending sales in the Southern Lehigh School District are up a dramatic 160 percent with closed sales rising 84.6 percent.

Coming in second is Catasauqua School District with a 140 percent increase in pending sales and a 22.2 percent increase in closed sales.

The Bethlehem Area School District boasts the overall highest closed sales, increasing 9.9 percent to 133.

"Although sales price can vary depending on location, we've seen an overall increase in both median and average sales price," President of Greater Lehigh Valley Realtors Chris Raad says.

In Carbon County, closed sales increased 9.5 percent. Days on market decreased 15.9 percent. Months' supply of inventory decreased significantly, 22 percent to 9.2. However, this is still not reflective of a balanced real estate market. The affordability index increased 1.9 percent to 213, the same index level as the Lehigh Valley.

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

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

The GLVR 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.

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