Editorials
Real estate's long ride may be slowing
The number of homes for sale around Norman and elsewhere around the country seems to be on the rise. We've noticed more signs and slower movement among those homes listed for sale.
The National Association of Realtors said 2.9 million previously-owned homes were on the market last month, the highest number since 1986. The number is up more than 14 percent since November of 2004, according to USA Today.
Realtors also reported the number of previously-owned homes that sold in November fell nearly 2 percent from the previous month. November is often a slow month as buyers and sellers don't want to move during the holidays. December sales often pick up as many want to close a deal before the end of the year.
The greater supply of homes on the market may signal a cool down rather than a bursting real estate bubble, according to economists quoted by the newspaper. That cool down could also signal lower prices for homes in some areas.
One saving grace for the real estate industry is the relatively low mortgage rates. The newspaper said the average rates for a 30-year fixed mortgage was 6.26 percent last week.
If rates remain relatively low, buyers could take advantage of some new found purchasing power. The soft market gives them more room to negotiate on prices that seemed sky high a few months ago.
The newspaper said the median price for a home in November was $215,000. In the western U.S., the median price soared to $328,000, a record high and 19 percent more than a year ago. Prices in the South, Midwest and Northeast remained flat for the month.
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