Two records were broken in June for the Lehigh Valley housing market, according to the Greater Lehigh Valley Realtors Association.

The Median Sales Price in June was $316,000, an increase of 14.9 percent over the previous June. The new record breaks the record that was set in May, which was $290,000. The previous Median Sales Price record of $280,000 was set in March and April.

Also, in June, homes sold, on average, in 12 days. The previous record was 13 days, set in July 2021.

The statistics are contained in the Greater Lehigh Valley Realtors (GLVR) June report, which was released July 12.

June statistics

• Average sales price increased 12.6 percent in June, to $352,572, up from $313,052 in June 2021. The average year-to-date sales price increased 14.7 percent to $326,442, up from $284,725.

• Median sales price increased 14.9 percent in June, to $316,000, up from $275,000 in June 2021. The year-to-date median sales price increased 14 percent, to $285,000, up from $250,000.

• Percentage of list price received increased 1.2 percent to 103.8 percent in June, up from 102.6 percent in June 2021. The year-to-date percentage of list price received increased 1.5 percent to 103 percent, up from 101.5 percent.

• Closed sales decreased 14.5 percent to 771 units in June, down from 902 units in June 2021. The year-to-date closed sales decreased 1.7 percent to 3,665 units, down from 3,728 units.

• Pending sales decreased 6.9 percent, to 829 units in June, down from 890 units in June 2021. The year-to-date pending sales are down 4.3 percent, to 4,111, down from 4,295.

• New listings dropped 9.4 percent, to 998 units in June, down from 1,102 units in June 2021. The year-to-date new listings are down 2.7 percent, to 4,967 units, down from 5,105 units.

• Days on market decreased 20 percent, to 12 days in June, down from 15 days in June 2021. The year-to-date days on market decreased 10.5 percent, to 17 days from 19 days.

• Months supply of inventory decreased 8.3 percent, to 1.1 in June, down from 1.2 in June 2021.

• Inventory decreased 14.6 percent, to 770 in June, down from 902 in June 2021.

• Housing affordability index decreased 32.5 percent, to 79 in June, down from 117 in June 2021.The year-to-date housing affordability index decreased 31.8 percent, to 88, down from 129.

Carbon County

In Carbon County, the median sales price increased to $250,000 in June.

Closed sales decreased to 73.

Pending sales decreased to 67.

New listings increased to 111.

Inventory decreased to 129 units.

Months supply of inventory was 184 months.

Days on market was 19 days.

June analysis

“With monthly mortgage payments up more than 50 percent compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers,” said GLVR CEO Justin Porembo.

“That said, while some buyers are walking away due to higher interest rates or simply not being able to find a home that fits their needs and/or budget, the Lehigh Valley is a hot commodity, so for every buyer that steps away, another is waiting in the wings,” Porembo said.

“The Lehigh Valley housing market is not cooling down quite as much as other parts of the nation,” said Porembo.

“As existing home sales continue to soften, housing supply is slowly improving, with inventory trending, no matter how slightly, in a positive direction,” said GLVR President Howard Schaeffer.

“In time, price growth is expected to moderate as supply grows. For now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around,” 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,” said Schaeffer.

National indicators

Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the United States housing market.

To help quell inflation, which reached 8.6 percent in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994.

Higher prices, coupled with 30-year fixed mortgage rates approaching 6 percent, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.

With monthly mortgage payments up more than 50 percent compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers.

Nationally, the Median Sales Price of existing homes recently exceeded $400,000 for the first time ever, a 15 percent increase from the same period a year ago, according to the National Association of Realtors.

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