Oklahoma City's housing inventory surged to its highest levels in July on record, as at least one veteran local real estate agent warned that uncertainty is freezing the market.
Listings climbed to 7,965 in July, a 20.3% increase over the same time last year, according to Homes.com research. The rise surpasses the previous record of 7,392 listings set in July 2019.
Single-family homes make up the bulk of the available units, though duplexes and attached homes saw a 70.4% increase year over year, for a total of 138 listings.
“This expanded inventory, more than double the February 2022 low, has shifted the market in favor of buyers,” said Cody Gibbs, director of market analytics for Homes.com. “Outer-edge neighborhoods like East Edmond, Mustang and Spring Creek led listing growth, with notable increases also seen in Midwest City and Del City.”
But David Dobson-Tucker with ReMax First in the city said that analysis is missing a key ingredient. “It’s a buyers’ market with no buyers,” he said.
Prices rise but chase out buyers
Prices grew 2.6% over the previous year, beating the national average for the month for price inflation (2.1%). The city was 19th among the top 40 metropolitan areas for price growth, with the median price of $277,000 among the highest in the city’s history.
However, the gains were uneven, said Gibbs.
“Market performance varied across communities, with Midwest City, Moore and Del City experiencing price softening, while Yukon, Bethany and South Oklahoma City posted strong year-over-year gains, including a $110,000 increase in South OKC’s median price,” he said.
With 25 years of experience in the market, Dobson-Tucker said this summer has seen “more hills and valleys than I have ever seen it.”
Many buyers and sellers had approached the new year with enthusiasm, said Dobson-Tucker. “Everybody was hoping prices would come down, even a little bit,” he said.
But interest rates have remained in the high 6% territory. And while price growth has abated from the double-digit appreciation it saw in the immediate post-pandemic period, prices are still above what many buyers can afford.
“It was just a big public awareness that things are not getting better,” Dobson-Tucker said. “Buyers can deal with a higher rate if it’s a decent property, and they can deal with inflation if the rate is decent, but they can’t or won’t deal with both.”
Market needs 'just more stabilization'
Some economists are predicting that the Federal Reserve could cut interest rates by a quarter percent in September, which could lower mortgage rates. “But I can’t depend on rumors for my paycheck,” Dobson-Tucker said.
Homes spent an average of 48 days on market in July, up from 36 days in July 2024, according to information from the Oklahoma City Metropolitan Association of Realtors.
Dobson-Tucker said that some homes still sell within 48 hours while others languish for weeks with no real distinction between them. “When I’m putting just as much work into this as I did last year and failing, it means the market is failing as well,” he said.
Homes on sale in the market range from a three-bedroom house in Oakwood Village for $56,000 to a 5,082-square-foot, four-bedroom home for $1.8 million.
While Dobson-Tucker said he’d like to see interest rates lowered, his main desire in the market is “just more stabilization."
"We need to get back in that era of the American dream, not this era where everything is fearful and scary," he said.