Home sales tapered off in November across the metro area compared with November 2012, but this year will still go on the books as one of surging recovery.
Realtors handled 1,395 sales last month, a dip of 1.3 percent compared with November 2012, according to the Oklahoma City Metro Association of Realtors.
The month ended with 6,466 houses listed for sale, a supply of 4.6 months if November's sales pace persisted and no more houses were listed, the Realtors reported.
Edmond surpassed last year's numbers and broke annual records before December even started, Realtor Brian Preston said.
Through November, the Edmond market area saw 3,875 sales, which was 2.2 percent more than in all of 2012, said Preston, an agent with RE/MAX Associates Realtors.
“We came very close to passing the billion-dollar milestone, as well — just shy of $995 million,” he said in the introduction to his monthly Preston Report.
Preston noted that sales on the high end were especially strong, with 26 sales of homes for more than $500,000, with four of those for more than $1 million.
He expressed no concern over the pullback in November.
“November itself was down 25 sales from last November, only the second month this year to miss last year's mark,” Preston said. “I was surprised we matched October's super performance last year, so I am not surprised about November falling short.
“2012's fourth quarter was unbelievable. We may not be matching it but this year's fourth quarter is blowing away the fourth quarters from the previous four years before 2012.”
Builders continued in recovery mode. Oklahoma City, Edmond, Midwest City, Moore and Norman combined issued 5,077 single-family building permits through November, 17.5 percent more than during the same period last year, according to the Central Oklahoma Home Builders Association.
Construction was up 181.2 percent in Moore because of rebuilding from the May tornado; Moore issued 613 permits through November, up from 218 for the same period in 2012.
Construction through November was up 10.8 percent in Oklahoma City, 7.9 percent in Edmond and 5.3 percent in Norman — and down 29.6 percent in Midwest City.
The numbers might have been higher across the board if not for spring rains that made lots unworkable and kept land development as well as construction dragging for weeks, said Robert Crout, a Mustang developer and president of the builders association.