Heat waves: Home sale increase in OKC area, but lags behind central and southwest Oklahoma

Home sales heated up headed toward summertime in OKC, the rest of central Oklahoma and parts west, with transactions in May up 12.3% from April and higher than any previous month in 2024, according to the Oklahoma City Metro Association of Realtors .

Realtor-brokered sales numbered 2,349 in the area covered by MLSOK Inc., the association's multiple listing service which covers OKC west 60 miles to Hydro, east 70 miles to Okemah, north 60 miles to Orlando, and south 60 miles to Rush Springs, plus the Altus area, 140 miles to the southwest.

Oklahoma City and the suburbs saw less of a month-to-month increase, 6.8%, or 1,565 sales, the Realtors reported, in Arcadia, Bethany, Blanchard, Choctaw, Deer Creek, Edmond, Harrah, Luther, Midwest City, Moore, Mustang, Newcastle, Nicoma Park, Norman, Oklahoma City, Piedmont, Tuttle, Warr Acres and Yukon.

“Just like summer temperatures, the Oklahoma City metro real estate market is heating up,” said Angelena Harris, president of the MLSOK board and co-founder and managing broker of Spearhead Realty Group in northwest OKC. "People are adjusting to today’s interest rates and are comfortable moving to homes that better fit their lives.”

Mortgage rates continued to hover at just less than 7%, averaging 6.95% this week, up from 6.86% last week and 6.81% a year ago, Freddie Mac reported Wednesday. That's for the traditional, 30-year fixed-rate mortgage.

RELATED: Why 'Buying Beverly Hills' star brought growing brokerage The Agency to OKC housing market

Sellers' market persists in Oklahoma City housing

Sellers continued to return to the market in May, with 3,668 homes listed for sale in OKC and the suburbs, up 9.8% compared with April and 59% more than in May of 2023, the Realtors reported.

That amounted to a 2.7-month supply, not counting homes sold directly by builders or in for-sale-by-owner transactions. Sellers still have the edge over buyers in negotiations. Three months or less is considered a sellers' market, six months or more a buyers' market, and in between a balanced market.

Home prices continue to rise in Oklahoma City and suburbs

• The average sale price in May, $326,184, was up 1.6% from a year ago, and up 3.9% from April, the Realtors reported.
• The median price, considered a better gauge because it ignores extremes, was $285,000, up 2.5% from a year ago, and up 3.6% from April, according to the Realtors.

RELATED: OKC home supply is on the rise amid turbulence in the market: Here's how two sellers fared

May home sales in OKC and suburbs, year over year, month to month

• Pending sales, those under contract but not yet closed, ended May at 1,694, up 7% year over year, but down 2.1% from April, the Realtors reported.
• In all, 1,565 homes sold in May, down 4.9% year over year, but up 6.8% from April.
• Home shoppers have considerably more houses to choose from. May ended with 3,668 homes for sale, up 59% year over year, and up 9.8% from April.

RELATED: State offers Oklahoma homeowners grants to strengthen roofs, enhance storm resistance

What happened with home prices in May in central and western Oklahoma

In the wider area covered by MLSOK :

• The average price in May saw a gain of 1.5% from April, to $300,136 which was basically flat, up 0.13%, compared with May 2023.
• The median price in the wider area was $259.900, up 2.3% month to month and up 1.9% year over year.
• May ended with 6,256 homes for sale in the wider area, up 4.8% month to month and up 35% compared with May 2023.

Sign Up: Weekly newsletter Real Estate with Richard Mize

Senior Business Writer Richard Mize has covered housing, construction, commercial real estate and related topics for the newspaper and Oklahoman.com since 1999. Contact him at rmize@oklahoman.com. Sign up for his weekly newsletter, Real Estate with Richard Mize . You can support Richard's work, and that of his colleagues, by purchasing a digital subscription to The Oklahoman. Right now, you can get 6 months of subscriber-only access for $1 .

This article originally appeared on Oklahoman: Heat waves: Home sale increase in OKC area, but lags behind central and southwest Oklahoma