The number of houses sold in Carbon County in September dropped 39.5%, while the average sales price continued to go up and mortgage rates stayed above 7%.

According to statistics compiled by Greater Lehigh Valley Realtors, 86 sales closed in September 2022, but only 52 in September of this year. The average sales price increased from $214,221 in September 2022 to $250,535 this year.

With interest rates remaining high, the affordability index has dropped almost 30%. The housing affordability index dropped to 95 in Carbon County. An index above 100 means a buyer with a median income who can put down a 20% deposit on a house should have more than enough income to qualify for a mortgage on a median priced house, according to the National Association of Realtors.

“A buyer who purchased at $400,000 in 2021 would pay $1,289 a month for a mortgage compared to a buyer purchasing today, who would pay nearly $1,000 more per month,” said GLVR CEO Justin Porembo, citing a comparison from Jessica Lautz, deputy chief economist for NAR. “We all know where that $1,000 truly needs to go - utilities, food, commuting expenses, student debt payments, etc.”

September did have an increase of 15.3% in pending sales, but the number of new listings dropped almost 9%.

The same can be said for the Lehigh Valley.

The Lehigh Valley saw a drop in closings by 31.9%. Pending sales were down 4.6%, as well as new listings down 14.5%. The average sales price was up slightly by 7.5% rising from $338,773 to $364,164.

“I’ve often said there will always be a seller and there will always be a buyer,” said Howard Schaeffer, president of the GLVR. “The difference now is both sides - more so sellers - often need a compelling reason to enter the market. For sellers, it may be a significantly higher-paying job, a divorce or death, or the ability to pay in cash for their next home.”