Home construction slipped the first half of the year compared to midyear 2013, but sales are making up for it, leaving inventory about to dip below a four-month supply.
Construction, judging by building permits issued, was off 4.5 percent in the metro area, even with rebuilding in Moore and south Oklahoma City from the May 3, 2013, tornado.
Permits were off 7.8 percent in Oklahoma City and 24.2 percent in Edmond, according to the Central Oklahoma Home Builders Association. Permits were up 4.4 percent in Norman and 76.5 percent in Moore.
Rebuilding on the south side kept the construction slowdown from being steeper. If construction in Moore had been equal to the first half of last year, permits would be off 9 percent across the metro area.
Builders blame a shortage of ready-to-build lots, but said new developments in the works should see construction this fall.
Builders are selling what they’re building so fast it caused a significant dip in the number of new houses on the annual Southwest Showcase of Homes, which starts this weekend and goes through Aug. 3.
The event, co-presented by the Moore Home Builders Association and Southwest Home Builders Association, has 24 homes open free to the public daily. It usually has close to 40 or more entries.
Details on the homes and maps are available in the Real Estate Section in metro-area editions of this issue and in free racks in 7-Eleven stores in Moore, Norman and south Oklahoma City.
In the meantime, Realtors have seen home sales jump this summer. Realtors sold 2,139 houses in June, up 18.6 percent from June 2013, according to the Oklahoma City Metro Association of Realtors.
Total sales volume — the value of all homes sold — jumped 25.7 percent, to $397.7 million. Homes sold in 62 days on average, compared to 67 days in June last year.
At the end of June, 6,758 houses were listed for sale; using the 12-month average of 1,680 closed sales per month, that comes to an unsold inventory to last 4.02 months, the Realtors said.
“It’s definitely a seller’s market,” said Nels Petersen, president of the Metro Association of Realtors and broker-owner of RE/MAX Preferred Properties. “Homes that are appropriately priced are going to sell.”
Having more buyers than sellers with a shrinking inventory means continued “multiple offers on a lot of properties,” said Brian Preston, an agent with RE/MAX Associates in Edmond who tracks the Edmond-Deer Creek market.
In Edmond, Preston said, June sales “soared over last June” by 50 transactions, to 454, an increase of 12.4 percent.