The Oklahoma City housing market is undergoing a noticeable shift toward a more balanced environment as we head into the fall. With a significant jump in new properties hitting the market and total
OKC MARKET UPDATE: October 2023
Dated: November 15 2023
Views: 1709
OKC MARKET UPDATE: October 2023
Based on single-family homes & condos/townhouses in Oklahoma City MLS. Data courtesy of MLSOK.
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U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS®(NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.
New listings increased 13.1 percent for Single Family homes and 25.9 percent for Townhouse-Condo homes. Pending Sales increased 0.5 percent for Single Family homes but remained flat for Townhouse-Condo homes. Inventory increased 23.9 percent for Single Family homes but decreased 2.2 percent for Townhouse-Condo homes.
Months’ Supply of Inventory Increases
Month’s Supply of Inventory increased 47.6 percent for Single Family homes and 4.3 percent for Townhouse-Condo homes.
Median Sales Price Increases
Median Sales Price increased 2.1 percent to $245,000 for Single Family homes but decreased 20.0 percent to $140,000 for Townhouse-Condo homes.
Average Days on Market Increases
Days on Market increased 42.3 percent for Single Family homes but decreased 16.7 percent for Townhouse-Condo homes.
Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases.
Content courtesy of MLSOK
https://okcmar.org/wp-content/uploads/2023/10/Oct_2023_MLS-Report.pdf
Jennifer Cody
Jennifer Cody (Arsenault) is a lifelong Oklahoman and seasoned real estate professional who has been serving her community since 1998. As the founder and Broker Associate at Flotilla Real Estate Partn....
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