Business 2012 Look Back: After lengthy slump, Tulsa-area housing bounces back
BY ROBERT EVATT World Staff Writer
Sunday, December 30, 2012
12/30/12 at 4:57 AM
After enduring a four-year slump, the Tulsa housing market finally bounced back in 2012.
Through November, the last month statistics are available, home sales for this year are an estimated 15.7 percent ahead of the first 11 months of last year, according to figures from the Greater Tulsa Association of Realtors.
The year-to-date total stands at 10,840 through Nov. 30. The 11-month total is the third-highest in five years and nearly matches the 10,884 sales during the first 11 months of 2009. The tally for 2008 was the highest at 11,294.
After a strong streak of increases, yearly home sales declined in 2008, 2009 and 2010. Last year's total showed a slight 1.4 percent improvement.
"It looks to me that if you're married to a Realtor, you should expect a better Christmas present this year," Rodger Erker, president of GTAR, said of November's figures.
Area home construction showed an even stronger improvement, as the total through November is now 30.9 percent above the first 11 months of 2011, according to the Home Builder Association of Greater Tulsa.
Local construction also suffered during the recession and its aftermath, and last year's total construction lagged 17.6 percent behind 2010. Furthermore, after a recent halt to home value increases, properties started to accumulate worth again. The November average sales price of $161,998 was 17.57 percent above the same time a year ago, according to GTAR figures.
Brokers and builders pegged the improvement on several factors - rock-bottom interest rates, low area unemployment rates, a relatively strong local economy, affordable houses and, most importantly, greatly improved confidence among buyers and builders alike.
Original Print Headline: After lengthy slump, housing bounces back