Sales of homes in the Lehigh Valley increased in May for the second month in a row.

Closed Sales increased 1.1 percent in May, according to the Greater Lehigh Valley Realtors (GLVR) May data, reported in a June 14 press release.

Lehigh Valley home sales had increased 5.0 percent in April for the first time in two years (since April 2022).

According to the GLVR report, May data showed “promising trends and growth, demonstrating the ongoing demand for homes in the region and more confidence in the state of the market and mortgage rates.”

“A new study released from LendingTree shows that borrowers who gather quotes from multiple lenders, three or more, stand to potentially save an average of $212 a month on their loan,” said GLVR CEO Justin Porembo. “That’s equivalent to $2,544 a year, or $76,410 over the life of the loan.

“If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial,” Porembo said.

“With new listings and pending sales on the rise, the Lehigh Valley housing market is shaping up to be advantageous for both buyers and sellers,” said GLVR President Lori Campbell.

“An increase in building permits and new construction activity further bolsters our optimism for the market, and we remain hopeful that interest rates will stabilize, and steadily lower, into the fall, providing even more opportunities for prospective homeowners,” Campbell said.

May statistics

Closed Sales increased for the second month, up by 1.1 percent to 557 listings.

Inventory remained relatively steady with a 0.7 percent increase, or a four-listing increase, to 611 units in May for Lehigh and Northampton counties.

Prices neared all-time highs with the Median Sales Price at $333,275, an increase of 5.8 percent.

Other housing statistics for May include:

* New Listings increased 3.4 percent to 765.

* Pending Sales increased 5.5 percent to 654.

* Months Supply of Inventory is 1.2 months, an increase of 9.1 percent.

* Percentage of List Price Received was steady, decreasing 0.1 percent, 102.2 percent compared to 102.1 percent.

* Days on Market was down 17.4 percent to 19 days, a decrease of four days from the previous May.

Carbon County

In Carbon County, the Median Sales Price increased to $242,000.

Closed Sales increased to 71.

Pending Sales decreased to 50.

New Listings increased to 112.

Inventory increased to 180 units.

Months Supply of Inventory increased to 3.2 months.

Days on Market increased to 31 days, compared to 23 days the previous May.

National view

Existing-home sales fell for the second month in a row in the United States, sliding 1.9 percent month-over-month and 1.9 percent year-over-year, according to the National Association of Realtors (NAR), with sales down in all four regions of the U.S.

Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer, according to NAR.

Home prices have continued to climb nationwide, despite an increase in inventory this year.

Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7 percent increase from the same period last year and a record high for the month, according to NAR.

Meanwhile, total inventory heading into May stood at 1.21 million units, a 9 percent increase month-over-month and a 16.3 percent increase year-over-year, for a 3.5 months’ supply at the current sales pace.

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 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