OKLAHOMA CITY (KFOR) – Although interest rates and housing costs continue to increase, experts say Oklahoma City’s housing market remains strong.
While home prices have become more expensive, so has everything else.
Across the U.S., total home sales per month have been down year-over-year for every month in 2022.
Construction Coverage released a new report to determine the locations with the largest drop in home sales.
Researchers used data from Redfin to calculate the percentage change in homes sales from October 2021 to October 2022.
The analysis found that home sales in the Oklahoma City metro area totaled 1,801 in October of 2022, compared to 2,142 in 2021.
Out of all large U.S. metros, researchers say Oklahoma City experienced the smallest drop in home sales in 2022.
The researchers determined that OKC saw a drop of 15.9% in home sales in 2022, and the median number of days for a house to be on the market grew from 9 to 18.