New listings for houses increased in February from January for the first time since May 2021, according to the Greater Lehigh Valley Realtors (GLVR).

The median sales price increased 16 percent in February from January to $264,000.

February data reported by the GLVR showed inventory woes continuing, but also sellers emerging from winter hibernation with local Realtors managing an increase in new listings and pending sales.

“With inventory at an all-time low, buyers are still having a difficult time finding a home,” said GLVR CEO Justin Porembo.

“A silver lining for Lehigh Valley buyers is we’re leaving the winter lull, and even though inventory will still be tight, the lead-up to the spring market always brings new opportunities and new listings,” Porembo said.

“For many buyers, a new year marks a new opportunity to make their home purchase dreams a reality,” said GLVR President Howard Schaeffer.

“Given the situation in the market, mortgages, home costs and inventory, one would maybe not be surprised to see a retreat in these buyers and in housing, Schaeffer said.

“The Lehigh Valley is still a relatively affordable place to live, though, especially when compared to other metros across the country. There is plenty of bang for your buck here, so I don’t necessarily expect demand for our area to wane,” said Schaeffer.

February Trends

Closed sales fell 20 listings over last February, or 4.6 percent, to 418. Inventory is still not at sufficient, comfortable levels. There were just 407 units in February for Lehigh and Northampton counties.

Other notable housing trends for February include:

• New listings increased 18.7 percent to 634.

• Pending sales were up 23.2 percent to 579.

• Months supply of inventory was down 33.3 percent to 0.6 months.

• Percentage of list price received went above and beyond, increasing 1.2 percent to 101.5 percent.

• Homes sold, on average, in 24 days, up from 23 days in February 2021.

Monthly Indicators

The United States real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7 percent as of last measure, according to the National Association of Realtors.

Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher.

Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixed-rate mortgage briefly exceeding 4 percent in February, the highest level since May 2019.

Lehigh Valley February Statistics

New Listings: 634, up from 534, an 18.7 percent increase, and year to date, 1,176, up from 1,134, a 3.7 percent increase

Pending Sales: 579, up from 470, a 23.2 percent increase, and year to date, 1,067, up from 1,018, a 4.8 percent increase

Closed Sales: 418, down from 438, a 4.6 percent decrease, and year to date, 981, up from 974, a 0.7 percent increase

Days on Market: 24, up from 23, a 4.3 percent increase, and year to date, 23, up from 22, a 4.5 percent increase

Median Sales Price, $264,000, up from $227,500, a 16 percent increase, and year to date, $269,900, up from $230,000, a 17.3 percent increase

Average Sales Price: $302,758, up from $266,386, a 13.7 percent increase, and year to date, $309,165, up from $265,617, a 16.4 percent increase

Percent of List Price Received: 101.5 percent, up from 100.3 percent, a 1.2 percent increase, and year to date, 101.6 percent, up from 100.2 percent, a 1.4 percent increase

Housing Affordability Index: 126, down from 153, a 17.6 percent decrease, and year to date, 123, down from 151, a 18.5 percent decrease

Inventory: 407, down from 641, a 36.5 percent decrease

Months Supply: 0.6, down from 0.9, a 33.3 percent decrease.

Carbon County February Statistics

In Carbon County, the median sales price increased to $221,000.

Closed sales were down just two listings to 49.

Pending sales stayed even at 66.

New listings increased to 61.

Inventory dropped to 72 units, leading to a months supply of inventory of 1.0 months.

Homes are moving at a decent pace for the association’s more rural county.

Days on Market was 37 days (versus 36 days the previous February).

GLVR Information

The Greater Lehigh Valley Realtors is a not-for-profit trade association representing more than 3,000 Realtors in Carbon, Lehigh and Northampton counties.

The association provides professional development and training resources, competitive market information, legislative advocacy, peer review and mediation processes for members, and a dispute resolution service for consumers.

The association owns and operates the Greater Lehigh Valley Multiple Listing Service (MLS) and the Greater Lehigh Valley Real Estate Academy.

Realtors are distinguished from real estate licensees by subscribing to a strict code of ethics and standards of practice as defined by the National Association of Realtors.

Information: www.GreaterLehighValleyRealtors.com