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Housing in Oklahoma is in the pink

Home sales, pending sales, average price all up in the Sooner State; days on market, listings, inventory all down.
by Richard Mize Published: August 22, 2013
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While housing in the rest of the country was in its sickbed, the Oklahoma market, at worst, had a low fever and scratchy throat.

Now, with the nation's housing in recovery, in Oklahoma sales are out jogging.

That's one way to gauge the health of housing in the nation and state.

“Housing is definitely in recovery mode,” said Joe Pryor, president of the Oklahoma Association of Realtors. “In 2007, we had about $3 trillion lost in equity and a huge swell of distressed property (with) a large percentage concentrated in five states: California, Arizona, Nevada, Florida, and Michigan — but plenty of misery all around.

“However, in Oklahoma, due to being in a different market cycle, we only lost a fraction of value, and interestingly in Oklahoma City there was no loss in land value.”

The latest statewide statistics from the Realtors show several positives in July compared with July 2012:

•  Sales: 4,564, up 15.3 percent.

•  Pending sales: 4,341, up 9.6 percent.

•  Average sale price: $198,632, up 21 percent.

•  Average days on market to sale: 68.3 days, down 11.5 percent.

Further, July ended with 22,046 houses listed for sale, down 9.6 percent, and a 6.2-month supply at the current sales pace, a reduction of 17.9 percent compared with July of last year, the Realtors reported.

Investor rush

Pryor, who specializes in investment sales, said investors raced into distressed markets, and that at the peak, 57 percent of all investor sales were cash. Nationally, prices for existing homes in some markets had dropped 50 to 80 percent in value, below the cost of building.

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by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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