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A seller’s market as home prices rise

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(Contributed)
The Greater Lehigh Valley Realtors released its October data for the housing market. This graph shows the median sales price for a house is steadily climbing. In October, the median sales price was $197,500, a change from $190,000 in October 2017.
(Contributed) The Greater Lehigh Valley Realtors released its October data for the housing market. This graph shows the median sales price for a house is steadily climbing. In October, the median sales price was $197,500, a change from $190,000 in October 2017.

Though the housing market traditionally enters a period of relative calm this time of year, one real estate expert says it will continue to be a seller’s market in the Lehigh Valley.

The Greater Lehigh Valley Realtors reported October data showed a market starting to find a balance in the final months of 2018.

Nonetheless, housing prices will continue to increase, according to Sean LaSalle, president of GLVR.

“Because of the amount of inventory we have, supply is light, demand is very high and that will continue to drive prices up,” LaSalle said.

Prices could be impacted, however, by rising interest rates, LaSalle said.

BY THE NUMBERS

Prices in October continued to rise, according to the report. The median sales price increased 3.9 percent to $197,500, a change from $190,000 in October 2017.

Homes continued to sell quickly, lasting, on average, 38 days on the market.

Meanwhile, inventory levels shrank 5.8 percent to 2,138 units.

Closed sales remained stable, increasing 0.4 percent to 718. New listings increased 11.6 percent to 997. Pending sales were up 7.8 percent to 764.

Carbon County saw another solid month. In October, new listings increased to 96, and the median sales price increased to $128,500. Pending sales climbed to 62, and the report showed an increase in inventory, up to 363 units.

SLOWDOWN EXPECTED

Throughout the nation, the market is expected to enter a period of relative calm for the holidays and the Greater Lehigh Valley will be no exception.

Because of the holiday season, things traditionally slow down, LaSalle said.

Meanwhile, homeownership rates have increased in the key buyer group of age 35 and younger, and prices, though still rising, have widely reduced the march toward record highs, the report said.

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Brian Pedersen

Brian Pedersen

Reporter Brian Pedersen covers construction, development, warehousing and real estate and keeps you up to date on the changing landscape of our community. He can be reached at brianp@lvb.com or 610-807-9619, ext. 4108. Follow him on Twitter @BrianLehigh and read his blog, “Can You Dig It,” at http://www.lvb.com/section/can-you-dig-it.

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