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Housing market data shows flat start to the year

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According to the Greater Lehigh Valley Realtors, pending home sales in January rose 0.9 percent to 575, as compared to January 2018.
According to the Greater Lehigh Valley Realtors, pending home sales in January rose 0.9 percent to 575, as compared to January 2018. - (Photo / )

Home sales began to slow late last year across the nation, and the Lehigh Valley housing market was no exception, according to January data from The Greater Lehigh Valley Realtors.

The data painted a view of a flat start to the year.

Prices in January took a 2.6 percent drop to $185,000. Homes continued to sell quickly, however, lasting an average of 47 days on the market.

But there were fewer homes for sale.

Inventory levels shrank 6.3 percent to 1,612 units, according to the report.

On the bright side, new listings increased 6.8 percent to 805 and pending sales in January rose 0.9 percent to 575, as compared to January 2018.

“While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation,” said GLVR President Carl Billera.

Overall, Billera said the Lehigh Valley housing market is slowly improving. Pending sales show a slight increase from last year, though it’s only January, he said.

Billera, a broker and managing partner for Better Homes and Gardens Real Estate Valley Partners in Emmaus, said his office is doing more market analyses, an indicator that people want to sell their homes, he added.

Interest rates have stayed low and consumer confidence is high, factors that are favorable to people buying houses, he added.

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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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