Seller’s market frenzy causing Lehigh Valley buyers to back off, real estate agents say

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Sky high listing prices and bidding war frenzies are leading many Lehigh Valley buyers to give up all together and halt their housing hunts, area real estate agents say.

Low interest rates and limited housing inventory continue to fuel record high sales prices. In May, the Greater Lehigh Valley Realtors reported median existing home sales exceeding $350,000 — a 24% increase and the largest year-over-year increase since 1999. The group tracks properties across Northampton County and Lehigh County, as well as neighboring Carbon County.

The Realtors group attributed the jump to eager buyers making multiple offers — some for well over asking price — while others are making offers on homes sight unseen. The increase in sales prices, however, comes with a slight decline in existing home sales nationwide, as homebuyers struggle with declining affordability amid a growing lack of inventory.

In the Lehigh Valley, inventory levels shrank about 33% to 756 units…

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