Home sales in the Lehigh Valley market increased more than 18 percent in September as compared to a year ago, the Lehigh Valley Association of Realtors reported on Wednesday.
The trade organization’s data also indicates that homes are selling faster and that the overall housing inventory in the local market is dropping.
Sales were closed on 579 homes in September, compared to 490 at the same time in 2012—an 18.2 percent increase, according to the Realtors. Pending home sales increased even more sharply, from 472 in September 2012 to 607 last month—a 28.6 percent increase.
Average time spent on the market declined to 67 days, an 11.8 percent drop from a year ago.
Year to date home sales also reflect a positive trend, the Realtors said.
Closed sales increased 14.9 percent to 5,024 and pending sales increased 16.3 percent to 5,570 compared to last year at the same time. Days on the market decreased 16.7 percent from last year.
“LVAR’s year-to-date statistics reflect steady improvements in the Lehigh Valley housing market,” said Therese Kelley, LVAR president. “We are optimistic that the current climate will continue.”
The research is based on information provided by more than 2,000 Realtor members of the Association.