What Should You Look for in a Realtor Near Tinker AFB?The right realtor near Tinker AFB understands military PCS timelines, and knows the Oklahoma County submarkets — Midwest City, Del City,
OKC MARKET UPDATE: May 2024
Dated: June 14 2024
Views: 1258
The U.S. National Market
U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.
- New listings increased 19.3 percent for Single Family homes and 40.0 percent for Townhouse-Condo homes.
- Pending Sales increased 7.8 percent for Single Family homes and 39.6 percent for Townhouse-Condo homes.
- Inventory increased 52.6 percent for Single Family homes and 77.2 percent for Townhouse-Condo homes.
Months’ Supply of Inventory Increases
Months’ Supply of Inventory increased 52.4 percent for Single Family homes and 68.4 percent for Townhouse-Condo homes.
Median Sales Price Increases
Median Sales Price increased 1.6 percent to $264,100 for Single Family homes but decreased 19.1 percent to $150,000 for Townhouse-Condo homes.
Average Days on Market Increases
Days on Market increased 10.8 percent for Single Family and 23.1 percent for Townhouse-Condo homes.
Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the moth, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year-over-year, for a 3.5 months’ supply at the current sales pace.
Content courtesy of MLSOK
https://okcmar.org/wp-content/uploads/2024/05/May_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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