Home sale prices in the Lehigh Valley dropped in March even as the pace of sales picked up, according to the latest monthly report released by the Lehigh Valley Association of Realtors.

The average sale price for a home in the region fell 4.1 percent in March to $213,000, compared to $220,000 in February.

Last month’s total was also down from March 2006, when an average home in the Lehigh Valley sold for $216,000, according to LVAR.

The drop in price occurred while the number of sales rose 19.6 percent to 568 in March, up from 475 in February.

But last month’s total sales were still down from one year ago at this time. In March 2006, the area recorded 679 sales or 19.5 percent more.

The median price for a home sale in March was $185,000, down 2.5 percent from $190,000 in February. Year over year, last month’s median price rose 2.7 percent from March 2006, when the median sales price was $180,000.

The median is the midpoint at which an equal number of homes sold for above and below that price.

Average time on the market was shorter last month at 60 days until sale, according to LVAR. That beat the February average of 65 days until sale.

Information from: www.nj.com

This entry was posted on Monday, April 16th, 2007 at 2:09 am and is filed under Real Estate. Tags: Lehigh Valley Realtor Realtors . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.