Closed sales of houses in the Lehigh Valley increased ever so slightly in October, continuing a rebound that began in September after two straight months of declining closed sales, according to figures released Nov. 14 by the Greater Lehigh Valley Realtors (GLVR).

Closed sales were up 0.7 percent in October to 687, compared to 682 in October 2015.

For the year-to-date, closed sales have increased 7.3 percent to 6,650 from 6,200 in 2015.

Pending sales again increased, but by single digits in October not the double-digit increase in September, by 8.5 percent to 678 in October from 625 in October 2015.

For the year-to-date 2016, pending sales have increased 8.5 percent to 7,060, compared to 6,508 for 2015, the GLVR reported.

New listings decreased 8.6 percent to 868 from 950 in October 2015.

Predictable market

According to a statement in the GLVR report, the October data shows that, as we enter the final quarter of 2016, not much has changed since the year began.

“Market predictions have been, in a word, predictable,” said GLVR CEO Justin Porembo. “A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates.”

However, Porembo noted, the one basic drag on market acceleration has been inventory decline. “There is little to indicate that the low inventory situation will resolve anytime soon,” he said.

Inventory levels in October decreased 41.4 percent to 2,608 units from 4,452 units in October 2015.

Prices continued to gain traction. The median sales price increased 1.5 percent to $174,000 from $171,500 in October 2015.

The average sales price decreased 1.3 percent in October to $197,846 from $200,487 in October 2015.

The percentage of list price received was again stable, up 0.5 percent in October to 96.8 percent from 96.3 percent in October 2015.

The housing affordability index decreased incrementally, down 0.5 percent in October, compared to October 2015.

Days on market was down 22.9 percent to 54 days from 70 days in October 2015.

Sellers were encouraged, according to the GLVR report, as months supply of inventory was down 45.8 percent to 3.9 months from 7.2 months in October 2015.

Confounding the inventory issue, according to GLVR President Christopher Raad, is that while builder confidence is as high as it has been in more than a decade, the pace of economic growth has been slow enough to cause pause.

“A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects,” Raad said. “As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.”

Monthly closed sales

Closed sales of houses in the Lehigh Valley increased 5.7 percent in September to 673, compared to 637 in September 2015.

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

In Carbon County, new listings declined 4.9 percent to 78. Prices ticked up slightly with a 0.2 percent increase to $101,250. Inventory remained low, sliding 33 percent to 370 units.

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