Pending home sales are on the rise in the area, according to the Lehigh Valley Association of Realtors (LVAR).
During the month of April, pending home sales increased 9.7 percent to 733, compared to 668 during the same month last year. In April 2012, pending sales were recorded at 551.
“The 33 percent increase in pending sales from two years ago is a positive indicator for the current housing market,” says Ryan Conrad, CEO of LVAR.
Pending home sales reflect homes that are under contract, but have not yet closed.
New listings were recorded at 1,343, up 3.1 percent compared to last year at the same time. Comparisons to 2012 show a 23.7 percent increase, when new listings were recorded at 1086.
“We are optimistic that the trend in new listings will continue and increase the amount of housing inventory from which buyers may choose,” adds Conrad.
Year-to-date, the median price remained the same at $158,000, according to LVAR. The median sales price reflects the median point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
The average sales price was $177,730, a 1.4 decrease from last year at the same time.
Closed sales decreased 11.3 percent to 1,524, compared to 1,719 in 2013. “The increase in pending sales will directly impact closed sales in upcoming months," says Kim Lucas Mantz, President of LVAR.