Oklahoma City home sales decline 8% as mortgage rates top 7%

Home sales in the Oklahoma City metro were estimated to be down 8% in October from a year earlier, as mortgage rates moved above 7%, according to Zillow’s October Market Report.

The median home value in the metro stood at $242,444, which was down 0.5% from September and 0.4% higher than a year earlier. Inventory increased 3.2% from the same period last year.

Oklahoma City continues to rank among the most affordable large housing markets. Its typical home value is about $122,000 below the national median of $364,812 and is the third-lowest among the 50 metros included in the report.

Typical rent in the metro was $1,370, up 2.5% from a year earlier and the second-lowest among those markets. Across the U.S., rents rose 2.9%.

Zillow said higher borrowing costs likely contributed to the slowdown. Freddie Mac reported that mortgage rates averaged 7.33% in October, up from 6.86% in September. Nationally, the monthly payment on a typical home rose 12.8% from a year earlier to an estimated $2,004, assuming a 20% down payment.

Newly pending listings, which signal future sales, fell 16.8% nationwide. Zillow chief economist Mischa Fisher said the following month could be even softer, though it is likely to mark the low point.