Three key indicators were in plus-territory for the Lehigh Valley housing market in October.

Closed Sales increased 7.6 percent.

Inventory increased 5.2 percent.

Median Sales Price increased 11.8 percent.

The statistics are included in the Greater Lehigh Valley Realtors (GLVR) October report.

The Greater Lehigh Valley real estate market shows “resilience and growth” and “a strong start to the fall selling season, underscoring the vitality of the real estate market heading into the colder months,” according to the GLVR report, released Nov. 14.

Closed Sales increased 7.6 percent to 596 listings.

Inventory increased 5.2 percent. There were 774 units in October for Lehigh and Northampton counties.

According to the report, “with inventory not yet at a healthy balance between buyers and sellers,” the Median Sales Price increased 11.8 percent to $346,500.

“The ‘locked-in’ effect of homeowners feeling stuck-in-place with 2 percent or 3 percent mortgage rates from recent years is expected to lessen over time, and we are starting to see a small glimpse of that,” said GLVR CEO Justin Porembo.

“Nationwide, there are 3.5 million new babies being born each year, as well as 1.5 million marriages, 700,000 divorces, 3.5 million people turning 65, and 25 million job changes that take place each year. All are milestones that often trigger real estate moves,” Porembo said.

“As we move into the heart of the fall season, it’s encouraging to see sustained activity and growth across various aspects of the market,” said GLVR President Lori Campbell.

“Buyers and sellers in the Greater Lehigh Valley are making confident moves, supported by stable inventory growth and strong demand. We’re optimistic about the months ahead and remain dedicated to fostering a healthy market for our community,” Campbell said.

The National Association of Realtors on Nov. 11 released the 2024 Profile of Home Buyers and Sellers. According to the report, “homeowners who sell their homes on their own typically generate $55,000 less than homeowners who work with a Realtor.”

“The typical For Sale By Owner home sold for $380,000 compared to $435,000 for agent-assisted home sales,” said Campbell. “With the support of a Realtor, consumers can expect expert understanding of the market and a purchase-sale at the price and terms they want and or need.”

October statistics

* New Listings increased 10.9 percent to 742.

* Pending Sales jumped 17.6 percent to 608.

* Months Supply of Inventory remained steady at 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 18 days, the same amount of days as the previous October.

Carbon County

The Median Sales Price increased to $251,250.

Closed Sales increased to 82.

Pending Sales increased by two listings, coming in at 69.

New Listings decreased to 73.

Inventory increased to 203 units.

Months Supply of Inventory increased to 3.6 months.

Days on Market came in at 40 days, six days slower than last October.

National view

Existing-home sales in the United States decreased 1.0 percent month-over-month and 3.5 percent year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of Realtors (NAR).

Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.

There were 1.39 million homes for sale heading into October, a 1.5 percent increase from the previous month and a 23 percent increase from the same period last year, for a 4.3-month supply at the sales pace, according to NAR.

Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3 percent increase from one year ago.

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