Home Sales and Prices Increase in May

According to Ron Sumner, President of the Greater Tulsa Association of Realtors, residential sales in May resumed a near record pace after a slow first quarter start, with the inventory of homes for sale remaining stable when compared to both the previous month and the same month a year ago (5,861; 5,832; and 5,923 respectively).
The number of listings coming on the market year-to-date is only one half of one percent above the same period in 2006, with 10,817 new listing in May, compared to 10,756 the same period of 2006.
Sales were up in almost every category with pending contracts for May 2007 up almost 7 percent from the pervious year (1,437; 1,345) and 1.8 percent higher than April 2007 (1,412).
Residential closings also climbed 16 percent in the year-to-date statistics (1,391; 1,196). Only year-to-date residential closings trailed the record pace of 2006 (5,307; 5,389; -1.5%).
Green Country home prices continue to increase, as both the average price ($149,256) and the median price ($130,750) were above the same period a year ago.
The statistics are based on residential properties in the Tulsa MSA (Metropolitan Statistical Area), which is defined as a standard government based area. The Tulsa MSA currently includes seven counties: Tulsa, Creek, Osage, Rogers, Pawnee, Okmulgee, and Wagoner.



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