From the Morning Call:
The number of homes sold in the Lehigh Valley continued to fall last month, as average home prices dipped slightly and the time homes sat on the market before selling lengthened.
At the same time, the number of new listings — which reached an all-time high in May — fell in June for the first time in 10 months, compared with the same period last year.
Aside from the welcome decline in new listings, there was little reprieve in June from the downward trends that have dominated the housing market in the Lehigh Valley for nearly a year: the rate of home appreciation has slowed, and the number of houses sold has declined sharply.
Indeed, home sales fell for the 13th month in a row in June, declining 14 percent, according to statistics released by the Lehigh Valley Association of Realtors. The average price of an existing home in Lehigh and Northampton counties fell 0.4 percent in June to $236,000, compared with the same period last year. It was one of only four months in the past three years in which the average price of existing homes has fallen year-over-year.
The number of pending sales, or homes that are under contract but have not closed yet, fell 12 percent to 622 in June, compared with May. Pending sales is an important measure because it gives an indication of future sales activity.