The hot housing market hit another record high as the median sale price rose $40,000 in May, according to The Greater Lehigh Valley Realtors.
While the May data showed that year-over-year, the two Mays were compatible, this May set a record high, even as interest rates are on the rise.
“High home prices and a surge in mortgage interest rates are slowing buyer activity, and economists predict sales will continue to soften in the near future, but this may then put some much-needed downward pressure on home prices,” said GLVR CEO Justin Porembo. “Current housing market conditions are not ideal for buyers. We know this. We see this. We’re taking this information to where it matters.”
GLVR’s Government Affairs Director Matthew Marks led a contingent of REALTOR members to the Capitol on June 8 to meet with legislators to discuss the housing market, how record-setting prices and low inventory are impacting Pennsylvanians trying to buy homes.
“Our advocacy for both buyers and sellers doesn’t end with one advocacy day in Harrisburg,” said Marks. “Legislators from the Greater Lehigh Valley were each given a report that details the current housing market in their district, and we were able to discuss directly with them how their constituents are being affected. Our legislators having a pulse on these issues will hopefully lead to solutions and relief in known trouble spots.”
In attendance for the Hill Visit were GLVR CEO Justin Porembo, GLVR Government Affairs Director Matthew Marks, 2022 GLVR President Howard Schaeffer, Noelle Seaton of Home Team Real Estate, Chris Raad of Harvey Z. Raad Realtors, Craig Martin Jr. of Home Team Real Estate, and Sean LaSalle of BHHS Fox & Roach.
The group shared the May report with legislators citing closed sales dipped 22 listings over last May – or 3.3% – to 649. With inventory still not at sufficient, comfortable levels – there were just 660 units in May for Lehigh and Northampton counties – the Median Sales Price increased 16% percent to $290,000.
That beats the Median Sales Price record that was set in March and April at $280,000, GLVR said.
Other notable housing statistics for May include:
* New Listings slipped 0.9 to 994.
* Pending Sales were down 2% to 854.
* Months Supply of Inventory was down 10% to 0.9 months.
* Percentage of List Price Received increased from 1.7% to 104.4%.
* Homes sold, on average, in 16 days, up just one day from May 2021.
In Carbon County, the Median Sales Price increased to $225,000. Closed Sales went up to 77. Pending Sales slipped just three listings to 77. New Listings jumped to 104. Inventory fell to 100 units, leading to a Months Supply of Inventory of 1.4 months. Properties moved at a hot pace for the association’s more rural county, with Days on Market coming in at 22 days.
“While inventory is still low, the slowdown in sales has provided a much-needed lift to housing supply, with inventory actually starting to trend in a positive direction,” said GLVR President Howard Schaeffer.
“As the Greater Lehigh Valley and the nation continues to explore ways to solve the ongoing housing shortage, we look forward to working with state and federal legislators, and our counterparts at the Pennsylvania Association of Realtors and the National Association of Realtors, on ways to expand housing access through a number of administrative and legislative actions and to help relieve the nation’s housing crisis,” he said.