The residential real estate market in the Lehigh Valley is mirroring the national market, according to a recent report from the Greater Lehigh Valley.
The report, which revealed numbers for May, showed a 2.8 percent drop in new listings, down to 1,194, but an increase of 9.1 percent in pending sales, up to 984.
At the same time, the number of homes for sale dropped 12.3 percent to 1,670 units, while prices continued rising. The median sales price increased 3 percent to $206,000, up from $200,000 in May 2018.
Homes also are selling more quickly, with days on market falling 10 percent to 36 days, down from 40 days in May 2018.
“Typically, if it’s in a popular area, you are having multiple offers within the first few days,” said Carl Billera, GLVR president.
The national housing market shows a similar picture of stability, driven by low unemployment, rising wages and favorable mortgage rates, according to the report. The extended trend of low unemployment, higher wages and favorable mortgage rates has created more housing stability across the nation over the years.
“It seems to be the same conversation everywhere,” said Billera.
Spring is the season when many Realtors get a feel for the direction of the housing market. Billera said that all of the indicators for the valley are positive, and that the market should keep going up.
Billera noted he routinely talks to lenders who tell him many people are pre-approved to qualify for a mortgage to buy a home.