UNCHANGING RATES
Single-family home sales were largely unchanged through July even as mortgage rates dropped
Single-family home sales were nearly flat through July, andshort inventory could keep the plunge in mortgage rates from heating up the market, Realtors said.
Realtors brokered 11,039 sales the first seven months of the year in the Oklahoma City area, up 0.5% compared with the same period in 2018, according to the Oklahoma City Metro Association of Realtors. Those sales were in Oklahoma City, Arcadia Bethany, Blanchard, the Deer Creek area, Edmond, Harrah, Luther, Midwest City, Moore, Mustang, Newcastle, Nico ma Park, Norman, Piedmont, Tuttle, Warr Acres and Yukon.
The sales pace was hot in the middle of summer, up 4.5% in July compared with July 2018.
Houses sold faster in July, in 33 days on average, two weeks faster than in the previous July.
Prices were up. The median price year to date was $189,251, up 3.3%, and the average was $223,255, up 5.7%.
Realtors said they haven't seen lower interest rates speeding up anyone's decision to buy.
The average rate on a 30-year fixed-rate mortgage this week was 3.58%, nearly a percentage point lower than a year ago, when it was 4.52%, according to Freddie Mac. Those loans come with an average 0.5 point of interest paid up front.
"I don't feel like interest rates are having a huge impact. One reason is there is a shortage of inventory. It doesn't matter how good interest rates are if you don't have enough homes to show people," said Tyler Barnes, an agent with Oklahoma Country Homes in Guthrie and Wellston.
Houses priced from $100,000 to $200,000 are "flying off the shelves," he said.
Heading into fall, buyer interest has waned some, Realtors said, but for the usual seasonal reasons.
August sales were "stellar," said Keri Gray with Berkshire
Hath away Home Services Anderson Properties in Yukon.
"We closed 25 in August. However, our September is looking pretty bleak with only eight closings scheduled," Gray said.
"We are still out showing every day and we have a lot of clients on the fence. Our listings are all
showing too with no one even submitting offers. We have had second and third showings with buyers just waiting to take the plunge. The interest rates are great right now and I'm surprised more people are not taking advantage of them. However, when school starts and the fair comes to town the market always seems to slow down."
Denise Schroder, an agent with Keller Williams Elite, 5629 N Classen Blvd., said she'sseeing similar possible distractions.
"Seems buyers are really struggling taking the plunge even after multiple showings. You would think the low interest rates would motivate them to act. This is our lull time with back to school and the state fair. Everyone seems too preoccupied with school shopping and eating turkey legs to buy a house," she said.
Business talk shows, fixated on President Donald Trump's trade war with China and its effect on the stock market, keep fretting about uncertainty.
Benjamin Floyd, owner and managing broker at 525 Realty Group i n Edmond, said he doesn't see it.
Business "overall (is) not bad," he said. "We were slammed early midyear through last month. We are seeing the typical slowdown around school and the fair. I'm not feeling an 'uncertainty' in the market."