The Lehigh Valley Association of REALTORS® (LVAR) has started issuing a quarterly report on local housing trends. The new report complements the monthly market updates from LVAR.
The initial quarterly report shows:
- Home sales have increased 16.7 percent over second-quarter sales the previous year
- Pending sales were up 25 percent, forecasting the potential for increased sales in the coming months
- Inventory of homes for sale is down 16.6 percent over last year
The housing affordability index is up 7.1 percent at 196. This index measures housing affordability for the region. An index of 120 means the median household income is 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. The data was compiled based on household income and interest rates from hsh.com and huduser.org.
The average number of days on the market until a home is sold has decreased 4.5 percent from second quarter last year.
Lehigh Valley Association of REALTORS® is a not-for-profit trade association that provides professional development and training resources, competitive market information, legislative advocacy, a peer review and mediation process for members, and a dispute resolution service for consumers. LVAR owns and operates the Lehigh Valley Multiple Listing Service (MLS), the Lehigh Valley Real Estate Academy, and is publisher of Lehigh Valley Real Estate Weekly. Members of LVAR pledge to uphold the National Association of REALTORS® code of ethics, a criterion of excellence and professional conduct. For more information, visit: www.LVAR.org.