Record high prices temper normally busy June Lehigh Valley housing sales

Home prices have hit another record high in the Lehigh Valley as home sales hit what is normally their busiest time of the year.

However, the Greater Lehigh Valley Realtors has reported June data that showed higher mortgage rates and rising sales prices have slowed market activity.

“Economists advise buyers and sellers who are hesitant to list and become buyers themselves to act now, as the ultra-low rates of 2-3 percent from the pandemic era are unlikely to return soon,” said GLVR CEO Justin Porembo. “Federal Reserve Chair Jerome Powell last week reaffirmed his commitment to maintaining high interest rates until achieving a 2 percent inflation rate to support broader economic recovery. Buyers waiting for mortgage rates to again be at once-in-a-lifetime lows are likely going to be waiting a very long time.”

As a result, closed sales dipped 10.6% in the Lehigh Valley to 591 listings.

There was some good news. While available housing inventory has been tight, it increased 6.6% and there were 664 units in June for Lehigh and Northampton counties.

However, inventory is still not at a healthy balance between buyers and sellers, and so the median sales price increased 7.8% to $361,100, drastically higher the sales price record of $335,000, which was first set in June of 2023 and tied in April of 2024.

Lending to the increase in inventory, new listings were up 7.3% in June to 748.

Pending sales were up slightly at 632, a 7.3% increase.

The percentage of list price receive is still high at 102.3%, but did dip slightly by .5%

In Carbon County, the median sales price decreased to $215,000. Closed sales slid to 48. Pending sales dropped to 55. New Listings increased to 90. Inventory saw a bump with 200 units.

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