The forecast for the Lehigh Valley housing market is, to put it mildly, pun intended: chilly.

You might even say, the region’s housing market is frozen.

Or, to put a fine point on it: buyers are being frozen out of the market.

The area housing market is experiencing, to borrow a movie title, “The Big Chill” (1983).

The housing market is being hit by a triple pandemic of its own: low inventory, high interest rates and increasing prices.

The Greater Lehigh Valley Realtors (GLVR) reports: “November data showed housing affordability continuing to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year.”

According to statistics for November in the report released Nov. 13:

* Closed sales decreased 32.1 percent to 527 listings.

* Pending Sales decreased 24.4 percent to 520.

* New Listings decreased 27.3 percent to 498.

* Inventory was at 728 units for Lehigh and Northampton counties.

* The Median Sales Price increased 15.6 percent to $300,000.

* Percentage of List Price Received decreased 0.3 percent to 100.6 percent.

* Homes sold, on average, in 18 days, the same number of days as November 2021.

November statistics

• Average sales price increased 10.7 percent in November to $330,333, up from $298,478 in November 2021. The average year-to-date sales price increased 13.6 percent to $334,123, up from $294,247.

• Median sales price increased 15.6 percent in November to $300,000, up from $259,450 in November 2021. The year-to-date median sales price increased 15.2 percent to $294,900, up from $256,000.

• Percentage of list price received decreased 0.3 percent to 100.6 percent in November, down from 100.9 percent in November 2021. The year-to-date percentage of list price received increased 0.6 percent to 102.2 percent, up from 101.6 percent.

• Closed sales decreased 32.1 percent to 527 units in November, down from 776 units in November 2021. The year-to-date closed sales decreased 10.6 percent to 7,139 units, down from 7,983 units.

• Pending sales decreased 24.4 percent to 520 units in November, down from 688 units in November 2021. The year-to-date pending sales decreased 13.1 percent, to 7,169, down from 8,254.

• New listings decreased 27.3 percent to 498 units in November, down from 885 units in November 2021. The year-to-date new listings decreased 10.2 percent, to 8,573 units, down from 9,545 units.

• Days on market was unchanged, 0.0 percent to 18 days in November, the same as 18 days in November 2021. The year-to-date days on market decreased 5.9 percent, to 16 days from 17 days.

• Months supply of inventory decreased 10 percent to 1.1 months in November, down from 1.0 months in November 2021.

• Inventory increased 0.6 percent to 728 in November, up from 724 in November 2021.

• Housing affordability index decreased 39.8 percent to 77 in November, down from 128 in November 2021. The year-to-date housing affordability index decreased 38.8 percent to 79, down from 129.

Carbon County

In Carbon County, the Median Sales Price increased to $235,900.

Closed Sales decreased to 59.

Pending Sales decreased to 61.

New Listings decreased to 49.

Inventory decreased to 127 units

Months Supply of Inventory stayed at 1.9 months.

Days on Market increased to 37 days.

LV analysis

“Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand and to not trade in their current lower rates for significantly higher borrowing costs on their next property,” said GLVR CEO Justin Porembo in the November report. “As a result, existing-home and pending home sales have continued to slow as we move into winter.”

“Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly,” said GLVR President Howard Schaeffer. “Realtors have been encouraging the Biden Administration and our local legislators to keep housing supply and affordability at the top of the legislative agenda.”

Schaeffer added, “The Administration has several tools it can use now to reduce costs. Reducing fees for first-time home buyers, expanding housing voucher programs, and providing incentives for more participation from housing providers would provide direct and immediate support for renters and aspiring homeowners. We look forward to continuing this conversation and bringing help where it matters.”

National indicators

Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double in November 2022, compared to November 2021, according to the GLVR November report.

With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November 2022, up from 2.4 months from November 2021, according to the National Association of Realtors.

Monthly payments have increased significantly, with the average homebuyer paying 77 percent more on their loan per month compared to the same period a year ago, according to Realtor.com.

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