Lehigh Valley house sales continue 'positive trend'
According to research released by the Lehigh Valley Association of Realtors (LVAR), year-to-date sales are recorded at 4,329, up 17.3 percent over 2011 year-to-date sales of 3,690.
Year-to-date pending sales, which indicate transactions in process that have not yet closed, reached 5,152, up 40.4 percent from last year at the same time when pending sales were 3,670.
"Our data over the last 15 months shows that home sales and pending home sales have consistently increased over the same time the previous year," says Ryan Conrad, CEO of LVAR.
"The positive trend in the housing market is great news for our local economy. Research from the National Association of Realtors has shown that on the average, for every 1,000 homes sold, 500 jobs are created," Conrad says.
September 2012 to 2011 comparisons reinforce the positive trends that have been evident for more than a year. The number of sales has increased 8.6 percent, with 468 sales reported in September 2012, compared to 431 during the same month last year.
The average sales price of $198,000 indicates an increase of 2.1 percent from $194,000 recorded in September 2011.
"Our members are finding that many renters who are able to take on the responsibilities of home ownership are choosing to buy a home," says Andrea Decker, President of LVAR.
"Historically low interest rates compared with the stable payments provided by a fixed-rate mortgage are attracting renters who are frustrated by increasing rental fees and decreasing availability in the rental market," Decker added.
September 2012 homes sales were down from August 2012, which is the usual trend for the time of year.
The 17.3 percent increase in year-to date sales is a strong indicator that the housing market is on the road to recovery.
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.