Lehigh Valley home sales increased in April for the first time in two years.

Closed Sales increased 5.0 percent. It was the first time for an increase in Closed Sales since April 2022.

The statistics are contained in the Greater Lehigh Valley Realtors (GLVR) April report, released May 14.

According to the GLVR, warmer temperatures helped to bring sellers back to the market, providing additional options to shoppers for homes during the spring buying season.

“We are seeing the positive signs and momentum that comes with the spring market,” said GLVR CEO Justin Porembo.

“Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical Lehigh Valley home spending 22 days on market,” Porembo said.

“We, at the local, state and national levels, are looking at advocacy policies to counteract the prolonged issues with supply,” said Porembo.

“With increased seller activity and continued buyer interest, we expect a vibrant and competitive real estate market this spring,” said GLVR President Lori Campbell.

“The Federal Reserve has delayed rate cuts, but many consumers no longer seem to have the patience to wait, or have a pressing need to purchase a home,” Campbell said.

“Additionally, some buyers have accepted they may need to attempt to refinance later, if-when mortgage interest rates drop,” Campbell said.

“Current market conditions have presented challenges for both buyers and sellers,” said Campbell.

“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,” Campbell said.

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

April statistics

Closed Sales, showing a positive showing for the first time since April 2022, increased 5.0 percent to 479 listings.

Inventory remained relatively steady with a 0.3 percent increase, or a two-listing increase, with 575 units in April for Lehigh and Northampton counties.

Price growth slowed but still grew. The Median Sales Price increased 2.0 percent to $321,200.

Other housing statistics for April include:

* New Listings jumped 28.2 percent to 764.

* Pending Sales increased 13.3 percent to 656.

* Months Supply of Inventory came in at 1.1 months, an uptick of 10.0 percent.

* Percentage of List Price Received increased 0.8 percent, coming in at 101.9 percent.

* Homes sold, on average, in 22 days, two days faster than the previous April.

Carbon County

In Carbon County, the Median Sales Price decreased to $222,500.

Closed Sales decreased to 49.

Pending Sales increased to 69.

New Listings increased to 79.

Inventory increased to 128 units.

Months Supply of Inventory increased to 2.3 months.

Days on Market decreased to 33 days compared to 41 days the previous April.

?National view

Existing-home sales in the United States recently fell from a one-year high, dropping 4.3 percent month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of Realtors (NAR).

Higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines.

Average 30-year mortgage rates have topped 7 percent in recent weeks.

The median existing-home sales price is $393,500 as of last measure, a 4.8 percent increase from the previous month, according to NAR.

Total inventory increased 4.7 percent month-over-month and 14.4 percent year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR.

Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before, NAR stated.

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.

GLVR 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