Those considering purchasing a home in Norman before the end of the year should remain prepared for bidding wars despite recent signs of slowed market activity, local experts say.
Last month in Norman, new home listings declined from 290 to 252. The estimated time it would take to sell existing inventory remains at 1.2 months, data from Multiple Listing Service, a database for the real estate market shows.
Following a $10 jump in price per square foot for a Norman house to $132 in May, the price has held relatively steady this summer, according to local MLS data.
This slight slowdown comes after more than a year of housing markets heating up nationwide and locally. This was due to stimulus payments for COVID-19 relief and intervention from the Federal Reserve through the purchase…