Closed Sales increased slightly.

Inventory increased significantly.

The Median Sales Price increased again.

Those are among key takeaways for area housing, based on the Greater Lehigh Valley Realtors (GLVR) September report.

According to the GLVR report, released Oct. 14, Closed Sales in September “remained largely steady,” increasing 0.9 percent, or five listings, to 533 listings.

Inventory increased 6.2 percent. There were 734 units in September for Lehigh and Northampton counties, the report states.

With inventory “not yet at a healthy balance between buyers and sellers,” the Median Sales Price increased 7.7 percent to $350,000, according to the GLVR report.

The GLVR outlook for housing in the Lehigh Valley is: “growing inventory and steady sales amid strong buyer demand.”

The GLVR September data showed that “despite slower home sales, inventory has continued to grow with more positive gains each month versus consistent declines.”

“The rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead,” said GLVR CEO Justin Porembo.

“And there is no shortage in demand. Sixty percent of home sellers nationwide sold their home in less than a month. Year-to-date, homes are selling, on average, within 19 days in the Lehigh Valley,” Porembo said, citing it as “a sign of strong buyer demand, according to the latest Realtors Confidence Index.”

“NAR’s Chief Economist Lawrence Yun has stated that whether the fall market fares better than summer likely will depend on where you live,” said GLVR President Lori Campbell.

“In areas with persistent housing shortages, principally in the Northeast region, the recent falling interest rates could reignite more buyer interest, but without necessarily increasing supply. Therefore, multiple offers could intensify.”

Campbell added, “The strength of buyer demand remains a key driver in our market. While challenges remain, such as inventory levels and fluctuating interest rates, we are optimistic that the Lehigh Valley will continue to experience steady activity, with opportunities for both buyers and sellers in the months to come.”

September statistics

 Other notable housing statistics for September include:

* New Listings increased 5.3 percent to 653.

* Pending Sales jumped 14.6 percent to 605.

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

* Percentage of List Price Received slipped 0.6 percent, but still came in above and beyond at 100.7 percent.

* Homes sold, on average, in 19 days, just two days slower than last September.

Carbon County

In Carbon County, in September, the Median Sales Price decreased to $217,500.

Closed Sales increased to 67.

Pending Sales remained steady at 64.

New Listings increased to 88.

Inventory increased to 211 units.

Months Supply of Inventory increased to 3.7 months.

Days on Market was 40 days, one day fewer than September 2023.

National view

In the United States,. existing-home sales decreased 2.5 percent month-over-month and 4.2 percent year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of Realtors (NAR).

Meanwhile, home prices have continued to reach record highs nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1 percent increase from the same time last year and a new high for the month.

Amid slower home sales, inventory has continued to grow across the U.S. According to NAR, there were 1.35 million units for sale heading into September, a 0.7 percent increase from the previous month and a 22.7 percent increase from the same time last year.

And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.

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