Right now, the real estate market is thriving in Oklahoma and area real estate agents are having trouble with supply keeping up with demand.
Agents and brokers are running low on inventory and competing with homebuyers who appear disappointed with the shortage of choices.
John Naberhaus, a Lawton real estate dealer, said he’s been selling homes for 31 years and has never seen a demand like this.
Currently, his firm has 187 homes on the market and says that’s a far cry from the normal range of 600 to 800.
“What’s interesting is that used to a $300,000 house in our market was kind of the exception,” he said, “and they were harder to sell and today they are a hot commodity.”
“We’re hearing it as a national trend throughout the U.S.,” he said. “Lawton typically doesn’t follow the national trend. We’re typically more dependent on what’s happening, say at Fort Sill, but right now we’re certainly following that national trend where houses are hot.”
Lumber & Building Supply Shortages Causing Spikes in New Construction Prices
The new housing market in Oklahoma is seeing significant jumps in prices too, upwards of roughly $36,000 for a single-family home since last April, mostly to do with the rising cost of lumber due to shortages.
The analysis comes after lumber rates soared by 250 percent year-over-year in April, according to the National Association of Home Builders (NAHB).
The increase in lumber prices has increased the market valuation of a typical new multifamily home by $13,000, resulting in households spending an extra $119 a month in rent for a new apartment.
It’s not about the cost of timber that’s going up. Other construction materials, according to the NAHB, have been slowly increasing since 2020 and are in short supply.
“This unprecedented price surge is hurting American home buyers and home builders and impeding housing and economic growth,” said NAHB Chairman Chuck Fowke, a custom home builder from Tampa, Fla., in a statement.