Home sales plummet, inventory soars, prices firm in Oklahoma City area


An "Open House" sign stands among "For Sale" and other real estate-related signs at the Realtor Store at the Oklahoma City Metro Association of Realtors office building, 3131 Northwest Expressway.

Home sales and pending sales plummeted while the supply of houses on the market soared in October, as upheaval in housing kept heaving, leaving many buyers and sellers both in the lurch.

The shift, sparked by the doubling of mortgage interest rates since March, has would-be sellers spooked and waiting to see if rates will moderate and market conditions improve before putting houses on the market.

Would-be buyers are seeing the chances of getting what they want disappear along with affordability, even as the market, with a small but growing inventory, presents them with more choices.

Sale prices remained firm, and high, in the Oklahoma City area, on inventory that remains short despite there being nearly 1,300 more houses listed for sale than a year ago. Asking prices, however, aren’t as firm, as sellers are quicker to reduce them to attract more attention from home shoppers.

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