So Which Numbers Do We Believe?

One headline says ‘10% Jump in Existing Home Sales’ while another reads ‘Lehigh Valley Housing Market Sags’. So, which do you believe? Actually they’re both correct. The numbers can be confusing, but we’ve always told people that real estate is a local market. Years ago, when prices were climbing in most of the country, there were areas where prices were actually going down. That’s why you have to look beyond the headlines to see what’s really going on. The just released September numbers from the National Association of Realtors shows what could be the beginnings of a housing recovery, with sales up 10% over the previous month. On the other hand the picture is not as rosy in our local market. Sales in the Lehigh Valley decreased 12.7% from August to September. Although this is in keeping with the seasonality of real estate sales in the Lehigh Valley, August sales were lower than normal due to the tax credit which was offered earlier this year. The Lehigh Valley saw the effects of the housing downturn later than most other areas, and we may see the recovery a little later as well.