MARKET UPDATE: December 2023

Dated: January 16 2024

Views: 294

Based on single-family homes & condos/townhouses in Oklahoma City MLS. Data courtesy of MLSOK.

U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS®(NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.

  • New listings increased 20.9 percent for Single Family homes and 41.2 percent for Townhouse-Condo homes.
  • Pending Sales increased 19.6 percent for Single Family homes but decreased 3.0 percent for Townhouse-Condo homes.
  • Inventory increased 25.7 percent for Single Family homes and 39.5 percent for Townhouse-Condo homes.

Months’ Supply of Inventory Increases

Month’s Supply of Inventory increased 38.1 percent for Single Family homes and 43.8 percent for Townhouse-Condo homes.

Median Sales Price Increases

Median Sales Price increased 6.9 percent to $247,000 for Single Family homes but decreased 5.0 percent to $162,500 for Townhouse-Condo homes.

Average Days on Market Increases

Days on Market increased 22.9 percent for Single Family homes and 28.6 percent for Townhouse-Condo homes.

Low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers to choose from. Going into December there were 1.13 million units for sale, down 1.7% from the previous month but up 0.9% from the same period last year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices remain high nationwide, with NAR reporting the median existing-home price rose 4% annually to $387,600 as of last measure, the fifth consecutive month of year-over-year price gains. Homebuyer demand is picking up, and without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.

    Content courtesy of MLSOK
    https://okcmar.org/wp-content/uploads/2023/11/Dec_2023_MLS-Report-FINAL.pdf

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    Jennifer Arsenault

    Jennifer Arsenault is a renowned figure in the real estate industry, celebrated for her exceptional skills as a public speaker, brokerage consultant, and real estate instructor. With an unwavering ded....

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