The severe ice storm experienced in the Oklahoma City metropolitan area in November of 2007 contributed to a slower housing market.  Many businesses were closed due to power outages, and prospective buyers did not get out in the difficult weather conditions to look at homes.  As well, many sellers decided not to put their homes on the market, but to wait till Spring instead.  Because of this, and a slow-down in new building starts, the area had a 5.5 month supply of homes at the end of 2008, down just slightly from November (The Daily Oklahoman, January 26, 2008).  This compares to a 10 month housing supply nationally at the end of the year according to the same source.   The Oklahoma City metro market has essentially remained stable, and avoided the steep declines seen in some areas.  In fact, 2007 was the fifth most active year for home building here in the last ten years (op. cit.).

According to statistics compiled by the Oklahoma City Metropolitan Association of Realtors, total home sales closed in December of 2007 were down just over 18% from December 2006.  However, the average sales price rose over 5%, with an average price of $156,089 last December compared to $148,312 the previous year.  With Spring not too far away, a clear increase in buying interest is taking place.  We both had excellent turnout for open houses held last weekend.  If Spring comes, can buyers be far behind?!