Closed housing sales in the Lehigh Valley were down in May, reversing several months in a row of gains.

Closed sales in May declined 2.8 percent, to 596 down from 613 in May 2014, according to the Greater Lehigh Valley Realtors (GLVR) monthly report.

Closed sales in April had increased for the second straight month by double digits, 10.5 percent to 507 houses, up from 459 houses in April 2014, the GLVR reported.

In March, closed sales increased by 19 percent to 514 houses, up from 432 houses for March 2014.

In February, closed sales increased by 4.3 percent to 339 houses, up from 325 houses for February 2014.

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

The trend for the year so far is still upward. Closed sales are up 10.5 percent for the year to date, to 2,412, compared to 2,182 year to date for 2014.

For May, pending sales were up 13.1 percent to 792, up from 700 in May 2014.

Year to date pending sales are up 19.9 percent, to 3,254 from 2,715.

New listings were down 19 percent in May, to 1,101 from 1,360 in May 2014.

Inventory was down 21.1 percent, to 3,847 from 4,873 in May 2014.

The Months Supply was down 28.9 percent to 6.4 percent from 9.0 percent in May 2014.

Days on market remained flat at 74 days, compared to May 2014.

The median sales price increased 3.8 percent to $174,250 from $167,900 in May 2014.

The average sales price rose 5.2 percent to $200,511 from $190,551 in May 2014.

The percentage of list price received stayed strong at 96.8 percent, an increase of .8 percent from 96 percent for May 2014.

The affordability index increased by 3.6 percent from May 2014.

GLVR officials continue to be optimistic about the Lehigh Valley housing market.

According to GLVR officials, the May housing market showed prices continued to gain traction, while the slight contraction in the economy means the Federal Reserve does not seem ready to raise interest rates.

Said Chief Executive Officer Ryan Conrad, "All the trends in housing are positive these days. There are wonderful properties being bought and sold across the Valley, and with rates expected to hold at least until September we're looking forward to a great summer."

"For Realtors in eastern Pennsylvania, this is a great time of year. And it's so satisfying to hear everyone talking about the best ways to stage homes, instead of financing woes," noted Chris Raad, President of Greater Lehigh Valley Realtors.

Carbon County data showed a 20 percent increase in pending sales at 42, and the median sale price increased 7.5 percent to $72,000. Inventory in Carbon was down by 14.4 percent to 363.

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 Greater Lehigh Valley Real Estate Weekly.