ECONOMIC INDICATORS OKLAHOMA CITY METRO NEW HOUSE STARTS Nearly Half of New House Starts are in North OKC
• Housing starts are a measure of new residential construction. A housing start is counted as soon as groundbreaking begins. • The number of new housing starts were noticeably lower in 2022 compared to 2021. This is widely attributed to the rise in interest rates. • According to MLSOK, in 2022, rising mortgage rates added hundreds of dollars to monthly mortgage payments which caused housing affordability issues. • Closed home sales were down 8% to end the year at 27,409. • Comparing 2022 to the prior year, the number of listings was up 81%.
New House Starts - OKC Metro
6,618
- 1,000 2,000 3,000 4,000 5,000 6,000 7,000
6,024
5,366
5,213
2019
2020
2021
2022
2,475 1,000 1,500 2,000 2,500 3,000 Nearly Half of New House Starts are in North OKC 1,098
660
453
417
- 500
82
28
OKC - North 2,475
OKC - South 1,098
Midwest City
Edmond Norman
Moore Other
2022
660
417
82
28
453
Percentage 47% 21% 13% 8%
2%
1%
9%
SOURCES: DHARMA, LLC; THE BUILDER REPORT, 2022. MLSOK ANNUAL HOUSING MARKET REPORT, 2022.
For comprehensive Economic Indicators and regional data, please visit your Greater Oklahoma City Chamber Economic Development Division at greateroklahomacity.com or contact Eric Long, research economist, at 405-297-8976 or email him at elong@okcchamber.com. DID YOU KNOW? Get regional demographic data, consumer expenditure information, labor force data for the Greater Oklahoma City Region and more at greateroklahomacity.com.
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