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OKC MARKET UPDATE: October 2022
Dated: November 1 2022
Views: 2050
MARKET UPDATE: October 2022
Based on single-family homes & condos/townhouses in Oklahoma City MLS. Data courtesy of MLSOK.
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Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year.
Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.
The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers.
Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.
Content courtesy of MLSOK
https://okcmar.org/wp-content/uploads/2022/05/Oct_2022_Public_Stats.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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