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OKC MARKET UPDATE: February 2025
Dated: March 13 2025
Views: 1155
The U.S. National Market
U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase.
- New listings increased 6.5 percent for Single-Family homes but remained flat for Townhouse-Condo homes.
- Pending sales increased 2.1 percent for Single-Family homes and 3.4 percent for Townhouse-Condo homes.
- Inventory increased 48.3 percent for Single-Family homes and 65.2 percent for Townhouse-Condo homes.
Months’ Supply of Inventory
Months’ Supply of Inventory increased 44.0 percent for Single Family homes and 48.0 percent for Townhouse-Condo homes.
Median Sales Price Increases
Median Sales Price increased 5.4 percent to $265,000 for Single Family homes and 18.4 percent to $162,275 for Townhouse-Condo homes.
Average Days on Market Increases
Days on Market increased 13.2 percent for Single Family and 28.1 percent for Townhouse-Condo homes.
The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing-home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace.
Content courtesy of MLSOK
https://okcmar.org/wp-content/uploads/2025/02/Feb_2025_MLS-Report.pdf
Amy Chambers
Amy Chambers is a Managing Broker and trusted Realtor serving Southwest Oklahoma City and Moore, OK. She understands that homeownership is a big deal—and that getting there is both exciting and ....
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