Lehigh Valley pending home sales jump 18.5% as inventory tightens
Pending home sales in the Lehigh Valley jumped 18.5% year over year in April even as housing inventory tightened to a 1.2-month supply and median price rose to $360,000.
While housing inventory remains low, April saw strong buyer demand, according to the latest report from the Greater Lehigh Valley Realtors.
Pending home sales surged 18.5% year over year while inventory remained limited at 1.2 months’ supply.
“Nationally, affordability concerns and limited inventory continue to shape buyer behavior, and we’re seeing similar trends here in the Lehigh Valley,” said GLVR CEO Justin Porembo. “Buyers who may have previously focused solely on existing homes are increasingly looking at new construction communities, particularly as builders continue adding inventory and offering move-in-ready opportunities.”
Sales of newly built single-family homes jumped 7.4% in March compared to February, and sales were up 3.3% from a year ago, according to the Commerce Department.
Builders cited tight supply in the existing-home market as a key driver fueling recent demand in new construction.
Closed sales were actually down, decreasing 16.1%.
Inventory slipped 6.3%, with 643 units available in April across Lehigh and Northampton counties.
Meanwhile, the median sales price grew 4.3% to $360,000, up from $345,000.
The percentage of list price received increased to 101.4%, a change of 0.1%.
Homes sold, on average, in 23 days, two days faster than the previous April.
In Carbon County, the median sales price was largely steady at $250,000.
Closed Sales decreased by five listings.
Pending sales jumped to 79 –from 54, and new listings grew to 97.
Inventory fell to 129 units. Homes sold in an average of 55 days.
“While affordability remains a challenge across much of the Northeast, the Lehigh Valley continues to stand out as an attractive market for buyers seeking value and opportunity,” said GLVR President Cliff Lewis. “The Northeast median home price topped $510,000 in April, while the Lehigh Valley median sales price came in at $360,000. That relative affordability, paired with strong demand and quality-of-life amenities, continues to make our region a destination.”