The residential real estate market continues to slow, and the Greater Lehigh Valley Realtors is saying rising consumer prices and higher mortgage interest rates are contributing to the cooling market. 

The Greater Lehigh Valley Realtors said its August data showed a steady housing market in the Lehigh Valley as housing affordability hits 33-year low and existing-home sales continue to soften. 

With rising mortgage rates and record-high sales prices the housing market was cooling in the Lehigh Valley during July. 

This summer, it’s not just the weather that’s hot, the residential housing market in the Lehigh Valley has been setting records both in median sales price and days on market. 

The Greater Lehigh Valley Realtors has issued its in-depth report on the 2020 local housing market.

Ignoring near-record snowfall in the Lehigh Valley, home sales kept their up their torrid pace, increasing 8.9% from January 2020 to January 2021.

He is the 98th president of the association and the third president from the Lehigh Valley.

Agents thought it would take three months to get up to speed again in the industry once some of the restrictions were lifted, such as the ban on in-person house tours, he said. Instead, pent-up demand lifted the market quickly, and activity has been busy ever since.

Lehigh Valley home sales are significantly busier than normal for this time of year, up 23.3% percent in October from a year ago.

Homes sales in Northampton and Lehigh counties surged in September, as settlements rose 23.2% from the year before.