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OKC MARKET UPDATE: August 2024
Dated: September 17 2024
Views: 1656
The U.S. National Market
U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.
- New listings increased 25.6 percent for Single-Family homes and 45.3 percent for Townhouse-Condo homes.
- Pending Sales increased 7.6 percent for Single-Family homes and 3.3 percent for Townhouse-Condo homes.
- Inventory increased 53.8 percent for Single-Family homes and 90.3 percent for Townhouse-Condo homes.
Months’ Supply of Inventory Increases
Months’ Supply of Inventory increased 48.0 percent for Single Family homes and 82.4 percent for Townhouse-Condo homes.
Median Sales Price Decreases
Median Sales Price increased 0.9 percent to $260,743 for Single Family homes but decreased 11.9 percent to $144,500 for Townhouse-Condo homes.
Average Days on Market Increases
Days on Market increased 25.0 percent for Single Family and 147.1 percent for Townhouse-Condo homes.
Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0 month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the
13th consecutive month of annual price increases.
Content courtesy of MLSOK
https://okcmar.org/wp-content/uploads/2024/07/Aug_2024_Monthly_Stats_Memo.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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