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High prices, limited inventory persist in local housing market | Lehigh Valley Regional News
The themes that have become common when describing the local housing market – tight inventory and rising prices – were back for an encore in February, according to the latest data from Greater Lehigh Valley Realtors (GLVR).
This time around, though, GLVR also named “economic uncertainty” as one of the drivers behind the challenges in the market.
“As consumers navigate inflation, rising costs, and shifts in government policy, many are pausing to assess their next steps amid economic adjustments,” said GLVR CEO Justin Porembo, in a news release. “We are optimistic that as we enter the spring market, economic stability will improve.”
GLVR said inventory in Lehigh and Northampton counties decreased to 548 units – a 10% drop – in February. On the flip side, the median sales price increased by almost the same percentage (9.7%) to $350,000.
Also, new listings decreased more than 11% to 464. Pending sales slipped 2.7% to 431, and the months supply of inventory dropped 16.7% to 1 month. A healthy housing market typically has around five to six months of inventory available.
In Carbon County, the median sales price increased to $256,500. New listings dropped to 39. Inventory was even at 144 units – an increase of one unit – leading to a months supply of inventory that remained at 2.6 months, GLVR said.
“Real estate has consistently proven to be a reliable asset, even in uncertain times,” said GLVR President Michael Bernadyn, in the news release. “We’re seeing continued strong home values because buyers recognize the long-term benefits of homeownership, and sellers are still in a strong position due to low housing supply.
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