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OKC MARKET UPDATE: December 2022
Dated: January 13 2023
Views: 1847
MARKET UPDATE: December 2022
Based on single-family homes & condos/townhouses in Oklahoma City MLS. Data courtesy of MLSOK.
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2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.
New listings decreased 8.1 percent for Single Family homes and 7.9 percent for Townhouse-Condo homes. Pending Sales decreased 28.1 percent for Single Family homes and 20.4 percent for Townhouse-Condo homes. Inventory increased 82.2 percent for Single Family homes and 50.0 percent for Townhouse-Condo homes.
Content courtesy of MLSOK
https://okcmar.org/wp-content/uploads/2023/01/Dec_2022_Broker_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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