Oklahoma City Real Estate Market Conditions-March 2016

The Oklahoma City real estate market has held steady despite some layoffs we have seen in the energy sector. The unemployment rate has stayed steady at 3.3%, the second lowest in the US for metro areas over 1 million. The reason is job growth in government, the military, hospitality, construction durable goods manufacturing, tech, and medical tech. This has offset the losses and it is reflected in the Oklahoma City homes sale, which is showing strength. The median price of a home is rising, days on market held at 54 days, but we are seeing an increase in inventory of homes for sale. This is also a good sign because of confidence in the economy in Oklahoma City. We are seeing an oil price recovery lately with it approaching $35 a barrel, and if can break the $38 resistance level then energy comes back strong in Oklahoma due to low extraction cost. The only negative is that we saw a decrease in sales in January but that is the only month in the last three years to show that so it is not a trend. For more information about buying or selling Oklahoma City homes, email me at joe@joepryor.com.