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OKC MARKET UPDATE: March 2024
Dated: April 12 2024
Views: 2316
U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS® (NAR). The rebound in home sales amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.
- New listings increased 17.3 percent for Single Family homes and 28.2 percent for Townhouse-Condo homes.
- Pending Sales increased 13.3 percent for Single Family homes and 19.4 percent for Townhouse-Condo homes.
- Inventory increased 36.6 percent for Single Family homes and 83.0 percent for Townhouse-Condo homes.
Months’ Supply of Inventory Increases
Months’ Supply of Inventory increased 45.0 percent for Single Family homes and 87.5 percent for Townhouse-Condo homes.
Median Sales Price Increases
Median Sales Price increased 1.3 percent to $253,250 for Single Family homes but decreased 18.8 percent to $158,500 for Townhouse-Condo homes.
Average Days on Market Increases
Days on Market increased 13.0 percent for Single Family homes and 14.3 percent for Townhouse-Condo homes.
The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in the housing supply nationwide. According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.
Content courtesy of MLSOK
https://okcmar.org/wp-content/uploads/2024/04/Mar_2024_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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