The sale of homes increased across the Greater Lehigh Valley for September and it appears that the trend will continue upward. With 1,260 homes sold in that month, this represents a 19.8% increase for the same period last year (2012) and a 23.4 increase for the same month in 2011.
Due to interest rates remaining low and the market seemingly stabilized from the housing bubble; consumers are snapping up the inventory of houses on the market. Not only are they buying in record numbers, the purchase prices are increasing, too.
The reason for the value increasing: the amount of foreclosures are down. Instead of owners, banks and investors trying to dump these houses or "as-is" in a short sale; they are now inclined to fix them up nicely, and sell for a profit.
Commercial real estate has seen a steady influx of business in the region. Many new business venture, corporate expansion, and land development projects has caused this sector to rise for the Lehigh Valley.
Not everywhere is experiencing growth, however. Nearby Carbon County, which includes Pocono's real estate, is still seeing nearly half of its inventory remain in the distressed sales category--short sales and foreclosures.