Home sales entered the fourth quarter stronger than last year here, up nearly 5%, and the median price was also surging, ending October at $179,000, according to the Oklahoma City Metro Association of Realtors.
The median price slipped a little from $180,000 in September, but both readings were up 6.5-7% compared with October 2018, the Realtors reported.
It’s a countrywide trend. Home prices rose in more than 90% of U.S. markets in the third quarter compared to last year, according to the National Association of Realtors.
Here, “I think the numbers are related to consistent job growth, from small businesses in surrounding towns to big employers like Boeing and Tinker Air Force Base bringing people in,” said Steven Ligon, managing broker at eXp Realty.
Nationally, there is talk of a housing shortage. Here, the number of listings plunged 15% between October 2018, when there were 7,366, to October 2019, when the month ended with 6,246 listings, the Realtors said.
Regionally in Oklahoma, Realtors sold 2,086 homes for $437.8 million last month, compared with 1,992 homes sold for $391.9 million in October 2018, according to MLSOK Inc., the metro-area multiple listing service, owned and operated by the Realtors association. That’s a 4.7% increase in sales, and an 11.7% increase in sales volume.
Closer in, sales statistics from Oklahoma City, Arcadia, Bethany, Blanchard, Deer Creek, Edmond, Harrah, Luther, Midwest City, Moore, Mustang, Nicoma Parj, Norman, Piedmont, Tuttle, Warr Acres, and Yukon, showed higher prices and tighter supplies: a median price of $224,747 in October, up from $211,112 the year before; and 3,935 homes for sale on the multiple listing service, or a 2.5-month supply.
The lack in availability of lower-priced homes also could be pushing median and average sales prices up.