'Housing market recovering'
The Lehigh Valley is experiencing continued growth in the housing market, based on data released by the Lehigh Valley Association of Realtors (LVAR).
Year-to-date sales are recorded at 3,837, up 17.4 percent over 2011 year-to-date sales of 3,268.
Year-to-date pending sales, which indicate transactions in process that have not yet closed, reached 4,648, which is up 38.4 percent from last year at the same time when pending sales were 3,359.
"The increase in year-to-date data is a positive indicator that the housing market is recovering," said Ryan Conrad, CEO of LVAR.
"August represents 14 months of consecutive positive gains in the number of home sales and pending home sales over figures at the same time the prior year," Conrad said.
"The rise in pending sales gives our members confidence the trend will continue through the remainder of the year," said Conrad.
August 2012 to 2011 comparisons reinforce the positive trends that have been evident for more than a year in the Lehigh Valley housing market, according to LVAR.
The number of sales has increased 34 percent, with 630 sales reported in August 2012, compared to 460 during the same month last year.
The average sales price of $203,000 indicates an increase of 4.1 percent from $195,000 reported in August 2011.
"Homes are now selling at an average of 73 days," said Andrea Decker, President of LVAR.
"Last year at the same time, listings were on the market 90 days before being sold. The decrease in market time is great news for sellers," she said.
Monthly comparisons indicate that August 2012 home sales were up 14.8 percent over July 2012 when sales were recorded at 549.
"With each passing month, LVAR's research shows that our local housing market projects continued growth," said Conrad.
"Our members are reporting that renters have become more financially-savvy, and are taking advantage of low interest rates to purchase a home and build equity," Conrad said.
Monthly statistics are based on figures generated by the LVAR 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.