The housing market looks good overall, but some counties fared much worse than others.

Home prices rose overall during the fourth quarter in the seven counties that make up the Tulsa metro area -- but not every county shared the wealth.

The metro area recorded a median sales price of $126,000 in the last three months of 2007, up 4.4 percent from the same time a year before, according to a report by the Office of Federal Housing Enterprise Oversight, part of the Department of Housing and Urban Development.

At the same time, prices nationwide dipped 1.3 percent.

However, changes in the median home price varied widely throughout the metropolitan area in the fourth quarter, from an in crease of 16.3 percent in Creek County to a decrease of 37.8 percent in Osage County.

Tulsa County experienced a 4 percent rise, with home prices closing the year at a median level of about $129,000.

The median is the price at which half of all homes sold for more and half sold for less.

Sales prices also differed greatly from region to region, as Wagoner County had the highest sales median at $139,000, though Osage County's median was just over a third of that at $50,000.

Steve Baker, president of the Greater Tulsa Association of Realtors, said Wednesday that the increasing prices overall are a sign of continued strength in the local market.

"The fact that we showed an increase

The Realtor's report showed that the Tulsa metro area ranked 41st out of 291 communities in home price appreciation during the past year.

Walter Molony, a senior public affairs specialist with the National Association of Re altors, said the Tulsa area has outperformed the nation by avoiding the meteoric yet unsustainable price increases that caused the housing bubble to burst along the East and West coasts. He also noted the metro area's strong economy.

"The areas that are doing well are experiencing job growth, and Oklahoma is benefiting from the oil industry doing well," he said.

Still, he cautioned that the sales level has dropped in Oklahoma, though not as quickly as in the rest of the nation.

Some counties saw more drastic sale value increases than others.

Pete Galbraith of Terry Gartside Realtors in Sapulpa said the data encourages him.

"Our home values in general lag behind Tulsa's, because our stock tends to be older," he said.

He attributed Creek County's growth to a flurry of construction west of Jenks near the Creek Turnpike on 33rd West Avenue and 48th West Avenue.

New homes there are more valuable than many similar-size existing homes, and the recent construction has sold quickly.

"That corridor has superior access to Tulsa," he said.

Not every part of the metro area experienced increases. Okmulgee County's home values dropped 13 percent.

Tony Hale of The Nick Agency in Okmulgee said he thinks the price drop is due to the credit crunch in the wake of increased foreclosures across the nation.

"We've been having problems getting people financed here," he said. "They just can't get a loan."

Homes in Okmulgee are taking longer to sell, sometimes stretching to 90 days, he said. The slower sales are encouraging people to sell for less.

Still, Galbraith said sale prices tend to fluctuate more in smaller counties than in Tulsa County.

"Our pool of statistics is smaller than Tulsa, so a few sizable sales can skew our statistics a lot more," he said.

Paul Wheeler of Accent Realtors said that while the Tulsa area as a whole is outperforming the nation, the increase in sales prices may not be entirely due to rising property values.

"People are buying bigger homes," he said. "There have been some big, big homes purchased that may have affected the numbers."

Wheeler said the increase in upper-end home sales are partially due to professionals relocating to Tulsa from areas with more expensive housing, and using cash from their old homes to buy bigger homes here.

Horton said any increase in sales of expensive homes would not affect the median figure appreciably.

"Average prices can be more easily skewed, but a median price is more stable," he said.

Wheeler said slowing sales have made Tulsa a buyer's market, though sellers willing to put forth time and effort can still make good deals.

"We're still a healthy market with a decent inventory," he said, "though sellers will have to give it some time to recoup their investment."

Robert Evatt 581-8447
robert.evatt@tulsaworld.com