A new median sales price record of $280,000 was set in March for the Lehigh Valley, according to the Greater Lehigh Valley Realtors (GLVR).

The median sales price increased 16.7 percent from $240,000 in March 2021.

The previous median sales price record of $278,000 was set in December 2021, GLVR stated in its monthly report released April 14.

The year-to-date median sales price increased 17.1 percent, from $234,900 to $275,000.

March statistics

• Average sales price increased 17.6 percent to $318,206 in March, up from $270,655 in March 2021. The average year-to-date sales price increased 16.6 percent from $267,450 to $311,736.

• Percentage of list price received increased 2.3 percent to 102.8 percent in March from 100.5 percent in March 2021. The year-to-date percentage of list price received increased 1.7 percent from 100.3 percent to 102 percent.

• Closed sales increased 15 listings, 572 in March, up from 557 units in March 2021, or a 2.7 percent increase. The year-to-date closed sales are up 1.9 percent from 1,531 units to 1,560 units.

• Pending sales decreased 3 percent, 715 in March, down from 737 in March 2021. The year-to-date pending sales are up 0.4 percent, from 1,755 to 1,762.

• New listings dropped 1.2 percent, 849 in March, down from 859 in March 2021. The year-to-date new listings are up 2.1 percent, from 1,993 to 2,035.

• Days on market decreased 26.1 percent, 17 days in March, down from 23 days in March 2021. The year-to-date days on market decreased 8.7 percent, from 23 to 21..

• Months supply of inventory decreased 30 percent, to 0.7 in March, down from 1.0 in March 2021.

• Inventory decreased 27.8 percent, 486 in March down from 673 in March 2021.

Carbon County

In Carbon County, the median sales price increased to $195,000.

Closed sales were down just two listings to 67.

Pending sales increased to 82.

New listings increased to 79.

Inventory dropped to 60 units.

Months supply of inventory is 0.8 months.

Days on market increased to 46 days in March, up from 41 in March 2021.

March analysis

“Consumers may be feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6 percent in March, according to Freddie Mac,” said GLVR CEO Justin Porembo.

Interest rates have risen 1.4 percent since January and are the highest rate in more than three years.

“While mortgage interest rates and the inventory crisis are affecting potential buyers, home buyers agree that homeownership is still an important part of the American Dream,” Porembo said.

“We continue to expect housing demand to remain strong due to favorable demographics and shifts in buyers’ preferences as teleworking remains in place.” said Porembo.

“Builders cannot, alone, build us out of the inventory crisis, but they are working hard to ramp up production. The U.S. Census Bureau reports housing starts are up 22.3 percent compared to a year ago,” said GLVR President Howard Schaeffer.

“With many variables stacked against them, some would-be home buyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record lows,” Schaeffer said.

“I continue to recommend consumers have a Realtor by their side to help them close on the home of their dreams at the price and terms they want and need.”

National indicators

Nationally, existing home sales dropped to a six-month low, falling 7.2 percent as buyers struggled to find a home amid rising prices and historic low inventory.

Pending sales are also down, declining 4.1 percent as of last measure, according to the National Association of Realtors.

Higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.

Monthly payments have increased significantly compared to this time last year, and as housing affordability declines.

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