Slight decline in Oklahoma home sales attributed to low inventory

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Real estate sales in the state of Oklahoma are a mixed bag when comparing statistics from to 2018.

Depending on the specific criteria viewed, things can appear to be booming or slowing down.

To begin with some good news, according to the Oklahoma Association of Realtors there have been 18,973 single-family property type homes statewide that have closed as of the end of May 2018. This compares with the 18,490 homes sold during the same time frame in 2017.

Additionally, the average pricing has also surged. At closing, home costs averaged $187,693 in 2018 as opposed to the average price of $181,597 in 2017. The average days on the market has also shrunk from 65 days in 2017 to 62 days this year. There have been 33,083 new listings for the year, down from 33,248 in 2017.

The month of May, however, has been a month which displays the mixture of good and bad in the state's sales figures.

In May 2018, 4,786 homes closed as opposed to the 4,977 homes that closed the previous year. This shows a decrease of almost 4%.

On the bright side (at least from the perspective of the seller), the average price has grown nearly 2% from $187,004 in 2017 to $190,324.

Tribune Content Agency
Purchase Housing inventory Home prices Real estate Oklahoma