Fewer and fewer houses listed for sale are receiving multiple offers, real estate brokerage company Redfin reported, confirming what local agents are seeing as well.

Pennsylvania’s median home sales price climbed to $219,154 in July, up almost $3,000 from June, according to a report prepared for the Pennsylvania Association of Realtors.

With rising mortgage rates and record-high sales prices the housing market was cooling in the Lehigh Valley during July. 

For the first time since April, the 30-year mortgage rate average has fallen under 5%. Freddie Mac’s Primary Mortgage Market Survey, released Thursday, showed the average for a 30-year, fixed-rate mortgage was down to 4.99%.

Gov. Tom Wolf announced 245 housing and community development projects in 67 counties that will receive funding through the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) fund.  

January home sales in Lehigh and Northampton counties inched up 0.4% from a year ago, a pace constrained by limited supply. 

The Pennsylvania Housing Finance Agency launched a program today for eligible homeowners who need help with mortgage payments and other housing expenses because of COVID-19.

The Pennsylvania Association of Realtors reports that housing prices were up 16% in March compared to March of last year, mostly because housing stock was down 39% over March of last year.

Agents thought it would take three months to get up to speed again in the industry once some of the restrictions were lifted, such as the ban on in-person house tours, he said. Instead, pent-up demand lifted the market quickly, and activity has been busy ever since.