Closed sales of houses in the Lehigh Valley rebounded in September after two straight months of declining closed sales, increasing 5.7 percent in September to 673, compared to 637 in September 2015, according to figures released by the Greater Lehigh Valley Realtors (GLVR).

For the year-to-date, closed sales have increased 7.3 percent to 5,922 from 5,518 in 2015.

Pending sales again increased in double digits in September to 15.3 percent to 710 from 616 in September 2015.

For the year-to-date, pending sales have increased 9.6 percent to 6,446, compared to 5,884 for 2015, the GLVR reported.

According to a statement by the GLVR, “As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply.

“With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed,” stated the GLVR.

Prices continued to increase as the Median Sales Price posted an increased similar to that in August, up 6.5 percent in September to $181,000, compared to $170,000 in September 2015.

The average sales price was again up significantly, also similar to August, up 6.9 percent in September to $216,341, up from $202,377 in September 2015.

The percentage of list price received was again stable, up 1.1 percent in September to 97.6 percent from 96.5 percent in September 2015.

The housing affordability index continued to decrease, down 6 percent in September, compared to September 2015.

Factors cited

According to the GLVR September statement, “In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes or, adversely, individuals who are looking to downsize.

“However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory.

“Recent studies have also shown that short-term rentals are keeping a collection of homes off the market,” the GLVR statement concluded.

New listings again decreased by double digits, down 21.7 percent in September to 838 from 1,070 in September 2015.

Days on the market decreased by double digits, down 18.5 percent in September to 53 days, compared to 65 days in September 2015.

Months supply again dropped by double digits, down 47.4 percent in September to 4 months, compared to 7.6 months in September 2015.

Inventory also fell dramatically again, 42.3 percent in September to 2,682 from 4,651 units in September 2015.

Monthly statistics

Closed sales of houses in the Lehigh Valley decreased 4 percent in August to 769, compared to 801 in August 2015.

Closed sales of houses in the Lehigh Valley decreased 11.4 percent in July to 714, compared to 806 in July 2015.

Closed sales of houses in the Lehigh Valley increased 3.7 percent in June to 858, compared to 827 in June 2015.

Closed sales of houses in the Lehigh Valley increased 14.9 percent in May to 681, compared to 629 in May 2015.

Closed sales of houses in the Lehigh Valley increased 15.5 percent in April to 617, compared to 534 in April 2015.

Closed sales of houses in the Lehigh Valley decreased 4.6 percent in March to 520, compared to 545 in March 2015.

Closed sales of houses in the Lehigh Valley increased 23.8 percent in February to 437 from 353 in February 2015.

Closed sales of houses in the Lehigh Valley increased 14.4 percent in January to 445 from 389 in January 2015.

Carbon County overview

Carbon County data shows closed sales down 19.6 percent and new listings down 36.7 percent. Average sales price decreased 4.4 percent to $132,736, with percentage of list price received at 94 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