June was the highest closing month this year for the Oklahoma City housing market. MSLOK Board President Janel Randall said to expect the typical post-July 4 slowdown to end 2023 as another strong buying year.
June was the highest closing month this year for the Oklahoma City housing market in both number of homes closed and dollar volume.
In June, 2,400 homes closed across the entire Oklahoma City real estate market, with sales totaling more than $173 million. Almost 600 single-family homes closed in OKC alone.
More than 11,300 homes have closed since the start of 2023 for the entire MLSOK listing area, which includes the entire metro area.
“Typically, June is the peak of the selling season,” said MSLOK Board President Janel Randall. “Although inventory remains low, it still matched the selling season trend.”
Randall said she predicts housing sales will decline after July 4, as they typically do, but that the Oklahoma City metro area is still looking strong, even if it doesn’t hit the same numbers as last year.
“It will be a strong year, however, according to the data, we are trending slightly lower than 2022,” she said.
However, the high home valuations that the market saw increase in 2020 and 2021 are here to stay, she said.
“Home valuations and sales prices in OKC will not go backwards,” Randall said.
She said that the housing market is still a seller’s market, even if it has cooled a bit from the 2021 high.
“While it is a seller’s market, it is not the days of 2021,” she said. “Have flexibility if your house does not sell within minutes or even the first week. Demand is higher in homes valued under $250,000 versus those above that mark, which may take a bit longer. Be willing to negotiate and be open to buyer concessions in order to come to an agreement.”