Welcome to today’s real estate news! In Oklahoma, the housing inventory is experiencing an increase, providing some relief to prospective homebuyers who have been challenged by a persistent shortage. Factors such as high mortgage rates and slower residential construction activity have contributed to the shortage, while institutional investors have acquired a larger share of homes sold. However, the shortage can be traced back to the past decade, where the United States constructed fewer new homes than in any other decade since the 1960s. Despite a slight easing of the inventory deficit, the situation remains far from ideal for buyers. Regionally, certain areas are more severely affected by the lack of housing, with states in the Midwest and Northeast having the lowest levels of supply. On the other hand, Southern states present more favorable conditions for buyers. In other news, the Oklahoma Memorial Union is set to undergo updates, including the addition of a new Asian concept restaurant and improvements to the Union Market. Additionally, plans have been approved for the construction of the tallest skyscraper in America, which will stand at an impressive height and become a centerpiece of the Boardwalk at Bricktown development. Lastly, Oliver Homes Inc. has been helping families achieve “The American Dream” since 1948, offering innovative construction techniques and attractive home designs. Explore these stories and more to stay informed about the latest developments in the real estate market.
Oklahoma Sees the Nation’s Increase in Housing Inventory | State News | pryorinfopub.com
The persistent shortage of housing inventory, stemming from a combination of long- and short-term factors, continues to challenge prospective homebuyers in the U.S. Since 2022, high mortgage rates have deterred many would-be sellers from listing their properties, fearing the loss of existing low rates. Higher borrowing costs have also caused new residential construction activity to slow, resulting in fewer new units entering the housing market. At the same time, institutional investors—largely unaffected by mortgage rate fluctuations due to their cash-based transactions—have increasingly acquired a larger share of homes sold.
But the current housing shortage, which is now estimated to be between four million and seven million homes, can trace its beginnings to long before the COVID-19 pandemic. In the 10 years following the Great Recession, the United States constructed fewer new homes than in any other decade since the 1960s. Simply put, the nation has not built a sufficient number of homes—particularly in certain areas—to meet the demands of natural population growth, immigration, urbanization, and a growing number of retirees opting to age in place.
The result is that over the past decade, the number of homes for sale at any given point in time decreased from more than two million in 2012 to a low of approximately 630,000 at the start of 2022, according to data from Redfin. Over the same time period, months’ supply—a measure of how long it would take existing inventory to sell if no new homes came on the market—plummeted from a high of 7.5 months to a historic low of 1.1 months.
While the inventory deficit has eased slightly since early 2022, the situation is far from ideal for buyers. Throughout the first quarter of 2024, the national inventory hovered around 970,000 homes for sale, marking a 4.0% year-over-year increase. Despite this uptick, existing inventory would sustain the current sales pace for just 2.9 months, a marginal increase from 2.8 months recorded last year.
Regionally, the lack of housing affects certain areas more severely than others due to both short- and medium-term market conditions, as well as long-standing trends in construction activity. An analysis conducted by the National Association of Home Builders showed that throughout the 2010s, approximately 77% of single-family housing starts occurred in the South and West, compared to just 23% in the Midwest and Northeast.
These regional disparities manifest in the housing market’s current landscape. As of the first quarter of 2024, states with the lowest levels of supply are concentrated in and around the Midwest (such as Kansas with 1.5 months of supply) and the Northeast (including Rhode Island with 1.8 months of supply). However, Washington state also stands out for having some of the lowest levels of available housing nationally, with just 1.9 months of supply.
In contrast, several states in the South, led by Florida (with 5.2 months of supply), along with Hawaii (5.2 months) and Montana (5.1 months), present notably more favorable conditions for buyers. In fact, Redfin data indicates that currently, over 55% of homes for sale nationally are located in Southern states, despite these states comprising just 38% of the population.
Nationally, the number of homes for sale increased by 4.0% between the first quarters of 2023 and 2024. However, this figure varied significantly across states, ranging from a nearly 35% surge in Florida to a 19.2% decline in Nevada. These discrepancies underscore the distinctive nature of local markets and emphasize the need for individualized policy approaches in addressing housing issues.
This analysis was conducted by Construction Coverage, a website that compares construction software and insurance, using data from Redfin. For more information, a detailed methodology, and complete results, see U.S. Cities With the Biggest Increase in Housing Inventory on Construction Coverage.
OU to update Oklahoma Memorial Union with new restaurant | News | oudaily.com
Oklahoma Memorial Union will add a new restaurant and make changes to the Union Market. On Monday, OU Campus Dining made a Facebook post hinting at a new project where the restaurant Laughing Tomato was previously located. An OU spokesperson wrote in an email to OU Daily that a new Asian concept restaurant would replace the Laughing Tomato. The university will also upgrade the space inside the Union Market. According to the email, the Union Market will feature a reopened hot bar and salad bar, alongside grab-and-go items and sandwiches from The Range, providing a more user-friendly environment. Both construction projects are expected to conclude before the beginning of the fall semester. Construction will not block other restaurants or spaces in the Union.
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New Tallest Skyscraper in America Has Officially Been Approved to Be Built at an ‘Unlimited’ Height
Exciting news for Oklahoma City as the tallest skyscraper in America is set to be built without any height restrictions. The Legends Tower, developed by AO and real estate developers Matteson Capital, has received official approval from the Oklahoma City Council. This history-making tower will stand at a staggering 1,907 feet, paying homage to the year Oklahoma became the 46th state in 1907. The Legends Tower will be the centerpiece of the Boardwalk at Bricktown development, featuring a vibrant retail and restaurant scene, along with 1,776 residential units. With construction set to begin in 2025, this iconic structure will redefine urban innovation and architectural excellence. Don’t miss out on this groundbreaking project! Read more
Oliver Homes Inc | Builders & Contractors | Hagerstown, MD | fredericknewspost.com
Established in 1948, Oliver Homes believes that every family should be able to afford a new home and achieve “The American Dream.” With over 70 years of experience, they have made this dream a reality for thousands of local families. Through innovative construction techniques, functional and attractive home designs, and volume purchasing power, Oliver Homes has become a trusted second-generation, family-owned business. Their service area includes Washington County and Frederick County in Maryland, Franklin County in Pennsylvania, and Berkeley County, Jefferson County, and Morgan County in West Virginia. Discover the top 10 reasons to choose Oliver Homes or contact them today to start your journey towards “The American Dream!”
Washington County home listings asked for less money in June – see the current median price here
In June, the median home list price in Washington County decreased by 7% to $218,250 compared to the previous month. This represents an 18.5% decrease from June 2023. The median home size was 1,780 square feet, listed at $118 per square foot, showing a 10.3% increase from last year. Listings in Washington County sold quickly, spending a median of 38 days on the market. Around 68 new homes were listed in June, indicating a 13.3% increase from the previous year. Discover more about the local housing market and community data here.