Closed Sales decreased 9.7 percent to 603 listings in August for Lehigh and Northampton counties.

The statistics for housing sales in August were released Sept. 16 by the Greater Lehigh Valley Realtors (GLVR).

Also, according to the GLVR monthly report, housing Inventory increased 12.0 percent in August with 768 units for Lehigh and Northampton counties.

And, with inventory not yet at a healthy balance between buyers and sellers, as indicated by the GLVR, the Median Sales Price increased 4.2 percent to $345,000.

“Total housing inventory edged up 12.0 percent from last August, coming in at 768 units, for a 1.4-month supply at the current sales pace,” said GLVR CEO Justin Porembo.

“Although inventory is trending in a more positive direction, demand continues to outpace supply, putting upward pressure on sales prices,” Porembo said.

“Historically, six months of supply is associated with moderate price appreciation and points toward a balanced real estate market between buyers and sellers,” said Porembo.

“The long-game story has been low inventory and high sale prices, but the Lehigh Valley remains more affordable than the national average,” said GLVR President Lori Campbell.

“According to the National Association of Realtors, the nationwide median existing-home price rose 4.2 percent year-over-year to $422,600 at last measure, while the Lehigh Valley’s median sales price rose 4.2 percent year-over-year to $345,000, a difference of more than $77,000,” Campbell said.

August statistics

* New Listings increased 2.5 percent to 725.

* Pending Sales increased 7.9 percent to 658.

* Months Supply of Inventory increased 7.7 percent to 1.4 months.

* Percentage of List Price Received decreased 1.3 percent, but still came in above and beyond at 101.1 percent.

* Homes sold, on average, in 16 days, just one day slower than last August.

Carbon County

In Carbon County, the Median Sales Price decreased to $244,100.

Closed Sales decreased to 58.

Pending Sales increased to 74.

New Listings increased to 88.

Inventory increased to 208 units.

Months Supply of Inventory increased to 3.7 months.

Days on Market was steady at 34 days.

National view

Existing-home sales in the United States increased for the first time in five months, as lower mortgage rates and rising supply helped boost market activity.

According to the National Association of Realtors (NAR), sales of previously owned homes rose 1.3 percent month-over-month to a seasonally-adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.

Nationally, total housing inventory edged up 0.8 percent from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the sales pace, NAR data shows.

Although inventory is up nearly 20 percent, compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices.

According to NAR, the nationwide median existing-home price rose 4.2 percent year-over-year to $422,600, marking the 13th consecutive month of annual price increases.

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