Tulsa World: Tulsa-area home prices up 4 percent

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Tulsa-area home prices up 4 percent
The year-over-year increase bucks the national trend and tempers slower sales numbers in January.

By ROBERT EVATT World Staff Writer
Published: 3/4/2009 2:27 AM
Last Modified: 3/4/2009 4:00 AM

The pace of Tulsa-area home sales continued to slow in January, but prices bucked the national trend by taking a significant step higher.

A total of 536 homes changed hands in the Tulsa area, nearly 21 percent below January 2008 and 32 percent below December, according to the Greater Tulsa Association of Realtors.

Harriett Dunham, president of GTAR, said the decline was largely due to the typical winter slowdown and lingering political and economic uncertainty.

"We went through a seasonal market and the election," she said.

Nationally, home sales dropped 5.3 percent in January to a 4.49 million-unit rate, according to the National Association of Realtors.

Dunham said local sales appear to have picked up in the last few weeks, at least partially due to economic recovery efforts coming from President Barack Obama and Congress.

"With the stimulus and the $8,000 home purchase credit that's coming in, a lot of people have come out and started buying," she said.

Though fewer homes were sold in January, they went for more money. The median sales price, or the price at which 50 percent of homes sold for more and 50 percent for less, was $124,700. That's 4 percent higher than a year earlier and more than 7 percent above December.

The average rose as well; the $155,074 price in January was 10.5 percent above both the month before and last year.

Higher prices here went against the national home picture. The NAR reported that January's national median of $170,300 was down nearly 15 percent from a year earlier.

Tulsa's inventory of 7,639 unsold homes was lower than last year's level but slightly higher than December.

Robert Evatt 581-8447
robert.evatt@tulsaworld.com By ROBERT EVATT World Staff Writer

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	Report Comment MaintenanceMan, Tulsa (3/5/2009 11:44:11 AM) Innocent until proven guilty Dawg.
	Report Comment wk, (3/5/2009 7:56:56 PM) This is entertaining. Childish, but still entertaining.
	Report Comment Bill Hader, Jenks (3/8/2009 10:02:41 AM) I see NO actual facts from either side
	Report Comment Stratolifter, (3/15/2009 6:07:46 PM) I don't think you can determine that the average price of homes has gone up based on the sales of homes. You'd have to look at the demographics of the homes being purchased. It might just be that people with cash equity who have moved here from higher priced areas are buying higher priced homes.

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