Home Sales, Prices Up in February in Lehigh Valley

Lehigh Valley home sales and average sales price were up in February, according the Lehigh Valley Association of Realtors.

Data comparisons of February 2013 over last year at the same time indicate that closed sales were up 18.5 percent to 352, while inventory decreased 18.1 percent to 3,196 units and new listings decreased 11.3 percent to 838.

The average sales price rose slightly at 1.4 percent to $168,288. Homes were on the market an average of 83 days, a decrease of 14.4 percent.

LVAR research reports that absorption rates improved as the supply of inventory was down 29.5 percent to 6.2 months. According to the National Association of Realtors, a four- to seven-month inventory is typically regarded as constituting a balanced real estate market.

The housing affordability index was up 3.8 percent to 221. The index is an analysis of affordability in the region. LVAR data indicates that the median household income in the Lehigh Valley is 221 percent of what is needed to qualify for a median-priced home under prevailing interest rates.