Mortgage

House gross sales, pending gross sales, and costs have all elevated in Oklahoma Metropolis

With so much getting out of hand – the coronavirus, schools and universities grappling with whether and how to start teaching, the uncertainty surrounding college football and the battered economy – this is it Living one of the few bright spots outside of the light that is awkwardly reflected from someone's glasses in another zoom meeting.

Home sales in the Oklahoma City area continued in July and showed no signs of slowing in the fall.

High demand and low supply – enough to last just 1.7 months when no other homes have been put up for sale – keep prices rising.

The average price of $ 214,048 was 10.2% higher than in July 2019, according to the Oklahoma City Metro Association of Realtors.

And houses are selling faster, in an average of 30 days, three days faster than last July, the realtors said.

That's in Oklahoma City, Arcadia, Bethany, Blanchard, Choctaw, Deer Creek, Edmond, Harrah, Luther, Midwest City, Moore, Mustang, Newcastle, Nicoma Park, Norman, Piedmont, Tuttle, Warr Acres, and Yukon.

A few more fresh statistics:

There were 2,432 new entries in the metropolitan area, an increase of 15.3% compared to July 2019.

Closed sales rose by 7.7% to 2,166 compared to the previous year.

Another sales wall is coming. The outstanding contracts – sales were close to being signed – were 2,346, 30.5% above the previous year's figure.

The situation is similar in many parts of the nation.

“Healthy buyer demand and limited supply continue to be history for much of the country. Nationally, activity remained significantly higher in July than a year earlier, and multiple supply situations are a common experience in many markets. With the stock of for sale standing homes A competitive market for buyers that is still constrained is showing little sign of deterioration.

"Obviously, high unemployment does not compare to the combined power of historically low mortgage rates and home equity.

"Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates near record lows and year-over-year mortgage applications for home purchases, the high level of buyer activity is expected to continue into the late summer and early fall markets." said the brokers.

According to the Builder Report by Dharma Inc. of Norman, home builders in the area started 665 more homes in July than every month since August 2013, recovering from the great recession.

That was 47.8% more than in June and 55.7% more than in July 2019, Dharma reported.

By July, builders had issued permits for the construction of 3,351 houses, an increase of 14.1% compared to the first seven months of 2019. This comes from the Builder Report tracking construction in Oklahoma City, unincorporated Oklahoma County, Bethany, Blanchard, Choctaw, Edmond. Midwest City, Moore, Mustang, Newcastle, Noble, Norman, Shawnee and Yukon.

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