Statistics for housing sales in the Lehigh Valley for July were, you might say, through the roof.

Here are three key, pun intended, takeaways, from the Greater Lehigh Valley Realtors (GLVR) July data:

- Closed Sales increased 9.7 percent to 600 listings.

- Inventory increased 19.3 percent with 802 units in July for Lehigh and Northampton counties.

- With inventory not yet at a healthy balance between buyers and sellers, the Median Sales Price increased 6.9 percent to $348,500.

The GLVR July data “showed positive increases in key housing metrics, highlighting the strength and endurance of the local real estate market amidst broader national challenges,” according to an Aug. 13 press release.

“While the national real estate market has seen a significant slowdown due to leaving behind pandemic-era mortgage rates and rising sales prices, keeping many prospective buyers on the sidelines, the Lehigh Valley continues to demonstrate a remarkable resilience,” said GLVR CEO Justin Porembo.

“July numbers show that even slightest bump in inventory has buyers are seizing the opportunity to invest in a region that offers unique lifestyle benefits and a strong sense of community, proving that localized factors can still drive dynamic real estate activity even amidst broader market challenges,” Porembo said.

“Mortgage rates have reached their lowest weekly level, 6.47 percent for a 30-year fixed-rate mortgage, since May 2023,” said GLVR President Lori Campbell.

“This represents the largest one-week drop in mortgage interest rates we’ve seen in nine months. For those who have been waiting on the sidelines for rates to fall: Your time to act has arrived.” Campbell said.

Other July statistics include:

* New Listings increased 22.3 percent to 855.

* Pending Sales increased 11.2 percent to 627.

* Months Supply of Inventory grew 25.0 percent to 1.5 months.

* Percentage of List Price Received slipped 0.2 percent, but still came in above and beyond at 102.0 percent.

* Homes sold, on average, in 18 days, an increase of three days.

Carbon County

In Carbon County, the Median Sales Price decreased to $244,000.

Closed Sales decreased to 44.

Pending Sales increased to 76.

New Listings increased to 99.

Inventory increased to 209 units.

Months Supply of Inventory increased to 3.8 months.

Days on Market increased to 36 days, compared to 26 days the previous July.

National view

Existing home sales in the United States declined 5.4 percent month-over-month and 5.4 percent year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of Realtors (NAR).

Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.

Home prices have maintained their upward trend across much of the U.S., even as sales slow and inventory improves.

According to NAR, the national median existing-home sales price climbed 4.1 percent year-over-year to $426,900 as of last measure, an all-time high.

Meanwhile, total housing inventory increased 3.1 percent month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply.

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