Home Prices Still Up, Despite Slump in Sales

According to statistics recently released by the Greater Tulsa Association of Realtors both the year-to-date average sale and median home selling prices remain strong despite an overall September slowdown in sales.
“The September dip in total sales was expected,” said Ron Sumner, president of the group. “Based on all the negative publicity related to national home sales and sub-prime mortgages during August and September, we knew sales were slowed. However, all the preliminary numbers for October indicate sales in October recovered to near the record pace of 2006. Consumers in northeast Oklahoma have realized most of the negative national real estate news does not apply to our market. Our sales are near record levels and our prices have risen this year over 2006.”
The year-to-date average sales price of $155,498 have shown a gain of 6.7 percent since September of 2006, while the median sales price of $127,000 has shown an increase of 5.6 percent over the same period.
The statistics also show a 4 percent year-to-date increase in the number of homes available, with 8,468 units, while the number of homes coming available in September 2007 (1,940) fell 13.7 percent from that reported in August.
The 962 sales closed in September was 17.8 percent below the numbers reported for September 2006, while the year-to-date number of pending sales was down 4.5 percent.
The GTAR statistics are based on residential properties in the Tulsa MSA which includes Tulsa, Creek, Osage, Rogers, Pawnee, Okmulgee, and Wagoner Counties.



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