Regional Spotlight: Oklahoma Housing Sales Remain on Target

RISMEDIA, Oct. 17, 2007-(MCT)-The Edmond housing market remains largely unaffected by the nation’s market downturns, according to information released recently by the Edmond Economic Development Authority and Brian Preston, Realtor with RE/MAX Associates.

“It’s still showing that we’re on our way to a record year,” Preston said. “Our inventory right now is mainly coming from new homes — we could do a self-correction entirely if we could get builders to quit building specs for a couple of months.” Preston said there is currently an increase in listings in the $400,000 to $500,000 price range, mostly because of newly built houses. Still, Preston said the Edmond-area real estate market is holding steady compared to much of the rest of the country.

That’s true in Oklahoma City as well.

“The fact that Oklahoma City is expanding due to the growth in downtown and the gains in various business sectors figures to help the market, and rates are still at relative lows, despite their recent increases. That leads many economic experts to believe that Oklahoma City’s housing market is fairly healthy,” according to a report from Wyatt Poindexter of Keller Williams.

The Web site oklahomahomes.blogspot.com said rises in mortgage and interest rates have caused a slowdown in the housing market, but the metro area in general still is outperforming many larger cities where homes are losing value.

Interest rates last month averaged 6.27%, down from 6.64 in August 2006, according to the Oklahoma City Metro Association of Realtors.

Preston’s Oct. 1 market report shows 1,820 Edmond residential homes on active listings in September. There were 403 homes under contract and 283 sold.

Of the active listings, 898 were valued at $250,000 or less, 697 were $250,000 to $500,000, and 225 were above $500,000.

Edmond building permits are down only slightly from last year.

August figures from the EEDA show 49 residential building permits issued, with an average value of $314,825. August 2006 showed 45 permits at an average value of $364,202.

The EEDA shows 368 homes selling in August at an average price of $239,495. That compares to 381 homes and an average price of $246,322 in the same month last year.

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