Closed sales of houses decreased 4.6 percent in March to 520, compared to 545 in March 2015, according to data released by the Greater Lehigh Valley Realtors (GLVR).

Pending sales of houses jumped 29.3 percent to 820 in March from 634 in March 2015, the GLVR reported.

The decrease in closed sales of houses ended two straight months of double-digit percentage increases in closed sales in the Lehigh Valley.

Closed sales of houses in the Lehigh Valley increased by double digits, up 23.8 percent in February to 437 from 353 in February 2015.

Closed sales of houses in the Lehigh Valley increased by double digits, up 14.4 percent in January to 445 from 389 in January 2015.

Closed sales increased for the first three months of 2016 by 11.8 percent with 1,439 houses sold, up from 1,287 for the first three months of 2015.

Despite another month of falling inventory numbers, home prices remain affordable in the Lehigh Valley, according to the GLVR. The number of homes for sale continues to shrink. Despite the decreasing inventory and a strong homebuyer demand, home prices have remained relatively steady.

Inventory decreased 27.5 percent to 3,136 in March from 4.324 in March 2015.

The months supply decreased 36 percent to 4.8 in March from 7.5 in March 2015.

Days on the market decreased 4.9 percent in March to 78 days from 82 days in March 2015.

“Obviously, we’d all like to see a larger supply of homes for sale because with greater inventory homebuyers are more likely to quickly find a home that they want to buy,” said Justin Porembo, CEO of GLVR.

New listings increased 3.5 percent in March to 1,174 from 1,134 in March 2015.

The average sales price increased 1.2 percent in March to $188,571 from $186,420 in March 2015.

The median sales price increased 1.1 percent in March to $165,000 from $163,155 in March 2015.

The percentage of list price received increased 1.3 percent in March to 97 percent from 95.8 percent in March 2015.

The affordability index was unchanged at 0.0 percent for March, compared to March 2015.

“Yes, prices are slowly rising but they are not even close to being so high as to stall the market completely,” said Chris Raad, President of GLVR.

”Today’s homebuyers are just being much more careful, which is a good thing. They are not diving into risky mortgages or putting themselves into precarious financial situations even with mortgage rates being as low as they are. Home prices, as a result, remain reasonable,” Raad reasoned.

The Carbon County data shows new listings increasing 62.1 percent, according to the GLVR. Median sales price increased 7.2 percent to $88,950, with percentage of list price received also on the rise to 92.9 percent.

The monthly housing data is collected by the GLVR from its Multiple Listing Service, a comprehensive 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.

Information: GreaterLehighValleyRealtors.com