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Oklahoma City homebuilders ring in ... 2003?

Building permits are up across most of the Oklahoma City metro area, but with a fourth of the year behind them, homebuilders worry about low appraisals and rising materials costs. Realtors are still seeing strong sales, especially in Edmond.
by Richard Mize Modified: May 3, 2013 at 11:32 pm •  Published: May 4, 2013

Buyers also have few options, Crout said. One is not to buy. Another is to come up with more money down because lenders won't make loans for more than appraisals.

In the meantime, builders “are running as fast as they can,” he said. “The lots are a problem. There's just not any developed lots out there. As far as my business, it's never been better.”

Through the first quarter, Oklahoma City issued 907 single-family building permits, up 14.4 percent from the same period in 2012, according to the Central Oklahoma Home Builders Association.

Edmond issued 160 permits, up 20.3 percent; Midwest City issued 23 permits, down 20.7 percent; Moore issued 77 permits, up 42.6 percent; and Norman issued 115 permits, up 25 percent, the builders group reported.

Sales handled by Realtors continued apace. Sales came to 1,630 in March, up 9.8 percent compared with March 2012, according to the Oklahoma City Metro Association of Realtors.

In Edmond, 841 houses sold though Realtors in the first quarter, 15.7 percent more than in the same period last year “and last year was a record year in number,” said Brian Preston of RE/MAX Associates Realtors.

Another 823 houses in the Edmond area were under contract, and that was a record, Preston said.

Also, the Realtors reported:

The average interest rate was 3.65 percent, compared with 4.08 percent in March last year — a 10.5-percent decrease.

Homes on average sold in 79 days, two weeks faster than the 93-day average in March 2012.

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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