Lehigh Valley Home Sales Up in April

The Lehigh Valley Association of REALTORS® (LVAR) released data on the April housing market indicating that the local housing market is continuing to recover.

April 2013 data comparisons over last year at the same time indicate that the Housing Affordability Index was up 7.3 percent to 207. The index is an analysis of affordability in the region. It indicates the median household income in the Lehigh Valley is 207 percent of what is needed to qualify for a median-priced home under prevailing interest rates.

“The housing affordability index is a strong indicator that the housing market is recovering,” says Ryan Conrad, chief executive  of LVAR. “Pending and closed sales increased over last year and our members have reported that many prospective homebuyers have decided to make the move to homeownership. The affordability index plays a key role in decision-making.”

Pending sales were up 39.3 percent to 769 while the number of closed sales increased 3.1 percent to 492 units. The average sales price was up 2.5 percent to $193,349 with 45 percent of the homes sold priced at $150,000 and below.

The increase in sales activity has caused inventory to decrease 14.8 percent to 3,506 units. Homes are on the market an average of 67 days, a decrease of 25.6 percent from April 2012. Absorption rates improved as the months supply of inventory was down 26.7 percent to 6.6 months. Inventory of 4 – 7 months is typically regarded as constituting a balanced real estate market.

“In the real estate market today, it’s important to use a Realtor® to help guide you through the entire process of buying or selling a home,” says Therese Kelley, president of LVAR. “One of the largest investments people make in their lifetime is the purchase of a home and working with a Realtor® who abides by the Code of Ethics gives consumers a sense of security,” adds Kelley.

The Code of Ethics outlines professional responsibilities to clients, customers, other Realtors® and the general public. When NAR adopted its Code of Ethics in 1913, it was only the second trade or business group in the U.S. to adopt mandatory ethical standards.

LVAR’s report is based on data from its Multiple Listing System (MLS).  LVAR is continually collecting, monitoring and analyzing data to provide the most accurate and current housing market research to its members, the public and the media. Access to data may be found at LVAR.org in the consumer section.”