The Median Sales Price in the Lehigh Valley increased in June to $361,100, a new record.

The previous Median Sales Price record was $335,000, first set in June 2023 and tied in April 2024.

The Median Sales Price increase is based on the Greater Lehigh Valley Realtors (GLVR) June data, reported in a July 15 press release.

The Median Sales Price increase is attributed to “inventory not at a healthy balance between buyers and sellers,” according to GLVR June report.

“Economists advise buyers, and sellers who are hesitant to list and become buyers themselves, to act now, as the ultra-low rates of 2 to 3 percent from the pandemic era are unlikely to return soon,” said GLVR CEO Justin Porembo.

“Federal Reserve Chair Jerome Powell last week [the week of July 7] reaffirmed his commitment to maintaining high interest rates until achieving a 2 percent inflation rate to support broader economic recovery. Buyers waiting for mortgage rates to again be at once-in-a-lifetime lows are likely going to be waiting a very long time,” Porembo said.

“While the increase in inventory has yet to temper home prices, one of the many great things about the Lehigh Valley is the variety of options in housing, price points, rural versus city, and more,” said GLVR President Lori Campbell.

“With the support of a Realtor, consumers can expect expert understanding of the market and a purchase [or] sale at the price and terms they want and, or need,” Campbell said.

June statistics

* Closed Sales decreased 10.6 percent to 591 listings.

* Pending Sales increased 6.0 percent to 632.

* New Listings increased 7.3 percent to 748.

* Inventory increased 6.6 percent to 664 units in June for Lehigh and Northampton counties.

* Months Supply of Inventory increased 18.2 percent to 1.3 months.

* Percentage of List Price Received decreased 0.5 percent, but still came in above and beyond at 102.3 percent.

* Homes sold, on average, in 15 days, the same amount of days as the previous June.

Carbon County

In Carbon County, the Median Sales Price decreased to $215,000.

Closed Sales decreased to 48.

Pending Sales decreased to 55.

New Listings increased to 90.

Inventory increased to 200 units.

Months Supply of Inventory increased to 3.7 months.

Days on Market increased to 36 days, compared to 27 days the previous June.

National view

Existing-home sales in the United States declined for the third consecutive month.

Higher mortgage rates and rising sales prices hindered market activity during June, traditionally one of the busiest months of the year.

According to the National Association of Realtors (NAR), sales of previously owned homes dipped 0.7 percent month-over-month and 2.8 percent year-over-year, to a seasonally adjusted annual rate of 4.11 million units.

Nationally, total housing inventory grew 6.7 percent month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR.

The increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8 percent increase from the same period last year and a record high for the month.

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