By Robert Medley
Yukon area home builders are struggling to keep up with the demand this summer for new houses.
New and used homes across Canadian County are selling at an unprecedented fast clip, with the number of days on the market just 15 days or less. And the inventory is at an all-time low, said home builder Jason Powers.
Powers builds homes in the $250,000 to $300,000 price range. The pandemic has not slowed construction.
However, over the past four months, large manufacturers of building supplies nationwide were affected by the COVID-19 pandemic. Supplies are starting to run low, and could affect construction in the coming months, Powers said. But he has been busy with the demand for new homes.
“Fortunately, it’s been really good lately, but we are out of inventory. And the problem is materials are starting to be harder to get,” Powers said.
Powers builds new homes in the Mustang, Yukon and Piedmont areas.
One of his fastest-growing additions is Mar a Lago, located east of Yukon Parkway near Vandament Avenue.
In the City of Yukon, there were 16 building permits issued in July, none issued in June and 5 issued in May.
Much of the new home construction in Canadian County is within Oklahoma City limits around Mustang, Piedmont and Yukon, Powers said. The average number of days a home for sale stays on the market in Oklahoma County in June was 9 days, the Oklahoma City Metropolitan Association of Realtors reports.
Powers mostly custom builds homes for customers. Many people are selling their homes so fast he is under pressure to finish a new home.
A low interest rate on a home loan is the main reason people are selling and buying so fast in Canadian County, said realtor Frank Greer of Yukon.
Despite the pandemic and economic downturn nationwide, people who are not in economic distress are selling homes and moving to larger homes instead of downgrading in Canadian County, Greer said.
“It has been my experience right now that people are moving to larger homes. Because the interest rates are so favorable you can get more square footage,” Greer said. He said the number of building permits issued by the City of Yukon this summer is about average.
The interest rate on home loans is has dropped slightly under 3%, at 2.99% for a 30-year mortgage.