More homes listed for sale in OKC; median time on market rises
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Loading... - Nicolas Stewart
- 09 Mar 2023
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There were significantly more active listings of homes for sale in Oklahoma City in February than there were in the same month a year ago, mirroring a national trend. However, the city saw a decline in the number of new listings in February compared to the same month in 2022, according to an analysis of data by market watcher Realtor.com.
The online real estate marketing company, in its most recent report on industry trends, noted that homes in Oklahoma City and across the nation are taking longer to sell these days, as rising mortgage interest rates have caused many would-be buyers to rethink plans. That has contributed to a slowdown in home price inflation, but Realtor.com analysts noted that prices remain high overall amid a national housing shortage.
According to the report, there were still fewer homes available to buy nationwide in February than there were a few years ago.
Taken together, trends indicate a local and nationwide real estate market that currently favors neither buyers nor sellers, analysts said.
The median price of a home listed in Oklahoma City in February was $349,000 – representing a 6.1% increase over February 2022. The active listing count was up by 120.8% from a year ago, but the new listing count for the month was down 14.1% from February 2022.
According to the report, the median number of days that homes for sale in the OKC metro currently spend on the market has risen to 53. It said 14.9% of homes have witnessed price reductions.
Nationwide, the median listing price for a home for sale in February was $415,000 – representing a 7.8% increase over the same month in 2022. Active listings were up 67.8%, though new listings declined by 15.9% from the number recorded in February a year ago. The median number of days homes currently witness on the market has risen to 67 – up by 23 days from February 2022. The share of active listings with price reductions in February was 13.3%, up by 7.6%.
“The number of homes for sale on the market is up significantly from a year ago, even though fewer homeowners have listed their home for sale in recent months. High home prices and mortgage rates continue to cut into buyer interest and homes are taking more than three weeks longer to sell than last year,” Realtor.com Chief Economist Danielle Hale said. “With a smaller pool of buyers today and more competition from other homes on the market, home sellers will likely need to adjust their price expectations in the market this spring.” Read More…
