February ended with 9,067 houses on the market, according to the Oklahoma City Metro Association of Realtors. That represents a 5.7 month supply, based on average sales and listings for the past 12 months, according to the Daily Oklahoman. Inventory has remained in the 5.5 to 5.7 months for the past 5 months.
Many Oklahoma City area realtors believe that a five to six month inventory is very close to a balanced market but with a slight edge to buyers.
According to the National Association of Realtors, the nation had a 9.6 month supply of housing at the end of February.
Total metro area sales were 1,264 houses during February. This was an increase of 25 percent from January but down 3.8 percent from February of 2007.
February’s average price was $149,107 – a 2.8 percent increase from February of 2007 but a 4 percent drop from January, 2008, reported the Daily Oklahoman.