While housing market holds steady, low inventory remains a persistent factor

The Greater Lehigh Valley Realtors reported September data showed buyer and seller activity remaining active, bolstered by low mortgage rates and a strong economy. However, low inventory showed a persistent decrease, limiting available options for buyers.

In September, new listings decreased 5.8 percent to 921, compared to 978 in September 2018. Pending sales were up 18.6 percent to 754, compared to 636 in September 2018.

Inventory levels shrank 26.1 percent to 1,720 units, compared to 2,327 in September 2018, leading to a months’ supply of inventory that dropped 27.3 percent to 2.4 months, compared to 3.3 months in September 2018.

Prices continued to gain traction. The median sales price increased 7.7 percent to $210,000, compared to $194,950 in September 2018. The data for the days on the market until sale was up 9.7 percent – a three-day difference – to 34 days, compared to 31 days in September 2018.

“Sales volume should be higher,” said GLVR President Carl Billera. “To some extent, the reason it isn’t lies with the persistent housing shortages nationwide. New-home construction levels have failed to keep pace with population growth, shifting demographic preferences, and the aging housing stock.”

Billera said he still sees a good market but one without many different results from recent previous months. He does not see much of a change in the market going forward as the fall season gets under way.
In Carbon County, the median sales price dipped slightly to $146,000, compared to $148,875 in September 2018. Closed sales were down to 67 compared to 79 in September 2018. Pending sales climbed to 64 from 58 in September 2018.

Furthermore, Carbon County saw a decrease in inventory, which came in at 326 units from 397 units in September 2018.