Local Housing Market Continues to Improve

Lehigh Valley real estate sales improved in May, posting strong enough numbers to inspire a local industry leader to say "the housing market recovery is under way."

Ryan Conrad, CEO of Lehigh Valley Association of Realtors, added, “Consistency in home sales and pending home sales increasing the past 11 months over figures at the same time a year ago are positive indicators. Year-to-date home sales have increased 42 percent over last year at the same time. That is encouraging news for the Lehigh Valley housing market.”

Here are highlights from LVAR's latest report:

• Home sales increased 8.8 percent over the same time last year with 470 homes sold in May 2012, while 432 were sold in May 2011.
• On a monthly comparison, home sales increased 5.6 percent, up from April 2012 when home sales were recorded at 445.  
• Year-to-date pending home sales are recorded at 2,806 as compared with 1,976 last year at this time, resulting in a 42 percent increase.
• Pending home sales in May 2012 are recorded at 662, with pending home sales in May 2011 listed at 482.
• The average home sale price in May was $189,000, remaining the same as April 2012 while increasing 1.1 percent over May 2011. (The average sales price is calculated by the total sales dollars divided by the number of sales.)
• The median sales price for May 2012 was $165,000, down 3.5 percent from April 2012 when the median price was $171,000. The median sales price is up slightly compared with May 2011, when it was recorded at $164,000. The median price indicates the mid-point range of prices.

Monthly statistics are based on figures generated by the Lehigh Valley Association of REALTORS® Multiple Listing Service. Average sales and median prices fluctuate monthly depending on the number of sales at the high or low end of the price range. The year-to-date numbers generally remain more constant.