Houses are selling, on average, in 18 days, one day faster than the previous October, according to the Greater Lehigh Valley Realtors Association (GLVR) latest report, released Nov. 14.

The GLVR data for October showed purchase activity down compared to this time last year because of rising interest rates, keeping many homeowners from selling, and causing inventory to remain at historically low levels nationwide.

“The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide,” said GLVR CEO Justin Porembo.

“In a notable shift, the National Association of Realtors’ ‘2023 Profile of Home Buyers and Sellers,’ released just this week [the week of Nov. 12], revealed a surge in median household income among home buyers, rising from $88,000 to $107,000 in the last year. But this underscores the growing financial threshold required to purchase a home,” Porembo said.

“While things are not the easiest for homebuyers, or sellers, there is light at the end of the tunnel,” said GLVR President Howard Schaeffer.

“We have been seeing first-time buyers tiptoeing back into the market this year with a little less competition and fewer multiple-offer scenarios,” Schaeffer continued.

“While the share of first-time buyers is still near historic lows, it is higher than last year. Notably, and positively, today’s first-time buyers had household incomes nearly $25,000 above last year and are more likely to use financial assets to enter the market,” said Schaeffer.

“Current market conditions have presented challenges for buyers and sellers. Local Realtors are dedicated to keeping a vigilant eye on the ever-changing market dynamics and offering invaluable guidance to those looking to buy or sell their homes,” Schaeffer said.

“By remaining informed and being willing to flexibly adjust strategies to align with the current landscape, consumers, with the support of a Realtors, can confidently and successfully navigate the real estate market,” said Schaeffer.

National view

Sales of existing homes in the United States recently fell to a 13-year low, dropping 2 percent month-over-month and 15.4 percent year-over-year as of last measure, according to the National Association of Realtors (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers.

U.S. housing inventory going into October was at 1.13 million units, up 2.7 percent from the previous month but down 8.1 percent, compared to the same time last year, for a 3.4-months’ supply, according to NAR.

The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8 percent annually to $394,300, the third consecutive month of year-over-year price increases.

LV statistics

• Average sales price increased 11.6 percent in October to $362,065, up from $324,408 in October 2022. The average year-to-date sales price increased 8 percent to $361,322, up from $334,429.

• Median sales price increased 4.9 percent in October to $310,000, up from $295,500 in October 2022. The year-to-date median sales price increased 9.2 percent to $319,900, up from $293,000.

• Percentage of list price received increased 0.4 percent with 101.3 percent in October, up from 100.9 percent in October 2022. The year-to-date percentage of list price received decreased 0.9 percent to 101.4 percent, down from 102.3 percent.

• Closed sales decreased 12.6 percent to 522 units in October, down from 597 units in October 2022. The year-to-date closed sales decreased 21.7 percent to 5,180 units, down from 6,619 units.

• Pending sales decreased 2.7 percent to 536 units in October, down from 551 units in October 2022. The year-to-date pending sales decreased 17.1 percent, to 5,470, down from 6,598 units.

• New listings decreased 6 percent to 663 units in October, down from 705 units in October 2022. The year-to-date new listings decreased 21.8 percent to 6.314 units, down from 8,075 units.

• Days on market decreased 5.3 percent to 18 days in October, down from 19 days in October 2022. The year-to-date days on market increased 25 percent, to 20 days, up from 16 days.

• Months supply of inventory decreased 14.3 percent to 1.2 months in October, a decrease from 1.4 months in October 2022.

• Inventory decreased 30.9 percent to 643 in October, down from 931 in October 2022.

• Housing affordability index decreased 10.2 percent to 97 in October, down from 108 in October 2022. The year-to-date housing affordability index decreased 13.8 percent to 94, down from 109.

Carbon County

In Carbon County, the Median Sales Price decreased to $185,050.

Closed Sales moved up two listings, to 66.

Pending Sales decreased to 68.

New Listings increased three listings to 78.

Inventory dropped to 135 units.

Months Supply of Inventory increased to 2.4 months.

Days on Market increased to 35 days, up from 34 days in October 2022.

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 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