As the year 2024 drew to a close, the Lehigh Valley housing market continued to show month-by-month improvement.

In the latest statistics, from the Greater Lehigh Valley Realtors (GLVR) November report, three key indicators are again in positive territory:

Closed Sales increased 8.0 percent.

Inventory increased 2.0 percent.

Median Sales Price increased 9.5 percent.

The “November data showed a solid real estate market with a wider selection of properties on the market and sales prices remaining strong,” according to the GLVR report, released Dec. 13.

“The recent dip in mortgage rates to 6.69 percent is a welcome relief for prospective homebuyers in the Lehigh Valley,” said GLVR CEO Justin Porembo.

“Even modest rate changes can have a meaningful impact, giving buyers the confidence to enter the market. We’ve seen a noticeable uptick in activity, and this trend could continue as long as rates remain steady.” Porembo said.

“U.S. existing-home sales have exceeded economists’ expectations for the month and marked the first annual gain since July 2021,” said Porembo.

“While inventory is improving, we still have a way to go to meet the pent-up demand in the housing market,” said GLVR President Lori Campbell.

“We remain hopeful for a healthier balance between inventory and buyer demand in 2025,” Campbell said.

“The strength of our market underscores the enduring appeal of living in the Greater Lehigh Valley. Our Realtors are ready and equipped to serve clients with exceptional professionalism and resources,” said Campbell.

November statistics

* Closed Sales increased 8.0 percent, coming in at 542 listings.

* Inventory increased 2.0 percent at 718 units in November for Lehigh and Northampton counties.

* Median Sales Price increased 9.5 percent to $345,000 with inventory not yet at a healthy balance between buyers and sellers.

* New Listings increased 1.5 percent to 525.

* Pending Sales increased 9.1 percent to 494.

* Months Supply of Inventory decreased 7.1 percent 1.3 months.

* Percentage of List Price Received decreased 0.2 percent, but still came in above and beyond at 100.5 percent.

* Homes sold, on average, in 24 days, three days slower than the previous November.

Carbon County

The Median Sales Price increased to $278,000.

Closed Sales decreased to 52.

Pending Sales increased to 58.

New Listings decreased to 72.

Inventory increased to 188 units.

Months Supply of Inventory increased to 3.2 months.

Days on Market came in at 44 days, two days slower than last November.

National view

Existing-home sales in the United States rose 3.4 percent month-over-month and 2.9 percent year-over-year to a seasonally-adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of Realtors (NAR).

Lower mortgage rates in late summer and early fall helped sales increase across all four national regions, according to NAR.

The number of homes for sale continues to improve nationwide, climbing 0.7 percent month-over-month and 19.1 percent year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the sales pace, according to NAR.

Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, which is a 4 percent increase from the same time last year, NAR reported.

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