LV home sales up 2.3 percent
The Lehigh Valley Association of Realtors (LVAR) released a new research report indicating year-to-date sales, pending sales and the affordability index up over the same time last year.
January 2013 data comparisons over last year at the same time indicate that closed sales were up 2.3 percent to 307, while pending sales were up 30.7 percent to 511.
Inventory decreased 16.8 percent to 3,157 units and new listings decreased 2.4 percent to 953.
The median sales price, the price where 50 percent of homes sold for more and 50 percent of homes sold for less, rose slightly at 1.4 percent to $158,250.
The number of days homes were on the market was recorded at 81 days, a decrease of 14.7 percent. Absorption rates improved as the supply of inventory was down 30.7 percent to 6.1 months.
"Inventory of four to seven months is typically regarded as constituting a balanced real estate market," said Ryan Conrad, CEO of LVAR.
The housing affordability index was up 5.9 percent to 217.
"The index is an analysis of affordability in our region," said Therese Kelley, President of LVAR. "It indicates the median household income in the Lehigh Valley is 217 percent of what is needed to qualify for a median-priced home under prevailing interest rates. That is good news for homebuyers and sellers."
Research from the new housing market report may be found at LVAR.org in the consumer section.
Monthly statistics are based on figures generated by the Lehigh Valley Association of Realtors Multiple Listing Service. Average sales and median prices fluctuate monthly depending on the number of sales at the high or low end of the price range. The year-to-date numbers generally remain more constant.