Tulsa Area Home Prices Up in Fourth Quarter 2007

TULSA, OK (March 3, 2008) – The Greater Tulsa Association of REALTORS® (GTAR) reports that Tulsa MSA counties median home prices were up in the fourth quarter 2007 compared to fourth quarter 2006. The Q4 2006 median price was $120,750 compared to Q4 2007 $126,000 – a difference of $5,250, or 4.35 percent, despite the Office of Federal Housing Enterprise Oversight (OFHEO) purchase-only report that U.S. home prices fell 1.3 percent in the fourth quarter of 2007. The purchase-only report is based on data from more than 5 million repeat-sales transactions. The median sales price from each of the Tulsa MSA counties is listed below.

Counties Q4 2007 Median Price Q4 2006 Median Price Difference Percent Difference
Creek $106,500 $91,575 $14,925 16.30%
Pawnee $80,000 $69,900 $10,100 14.45%
Tulsa $129,000 $124,000 $5,000 4.03%
Rogers $123,300 $120,000 $3,300 2.75%
Wagoner $139,000 $137,750 $1,250 0.91%
Okmulgee $57,000 $65,500 ($8,500) -12,98%
Osage $50,000 $80,097 ($30,097) -37.58%

Oklahoma ranked ninth in percent change in house prices nationally for the period 1/1/2007-12/31/2007, according to the Office of Federal Housing Enterprise Oversight (OFHEO) all-transactions Housings Price Index, (HPI), which also reported that U.S. home prices fell 1.3% in the fourth quarter of 2007.

The Tulsa MSA ranked 41 out of 291 cities in home price appreciation with a one year appreciation rate of 4.97%, and Oklahoma City ranked 51 with a 4.59% appreciation rate. According the report, the prices of non-housing goods and services increased 4.3% over the latest four quarters. The real price of homes thus increased .67 percent in the Tulsa MSA.

The OFHEO’s all-transactions HPI tracks average house price changes in repeat sales or refinancing of the same singe-family properties. The all-transactions index includes more than 34 million repeat transactions. The index is based on data obtained from Fannie Mae and Freddie Mac mortgages originated over the past 32 years. Fannie Mae and Freddie Mac form the nation’s largest database of conventional, conforming mortgage transactions.

The mission of the OFHEO is to promote housing and a strong national housing finance system by ensuring the safety and soundness of Fannie Mae and Freddie Mac. According to the OFHEO, it was announced today that as of March 1, 2008, Fannie and Freddie will no longer be subject to portfolio caps which were implemented by OFHEO because of their respective operational and control weaknesses that led to multi-year periods when neither company released timely, audited financial statements. Read the full story here: http://www.ofheo.gov/newsroom.aspx?ID=416&q1=0&q2=0

Tulsa MSA Housing Stats

January 2008 January 2007 Revised
December 2007
Listings Processed 2,060 1,802 1,061
(Listings Processed) YTD 2,060 1,802 24,279
Monthly Inventory 8,129 7,357 7,541
Active Listings 6,038 5,528 6,069
Pending Contracts 985 923 578
Residential Closings 667 718 784
(Residential Closings) YTD 667 718 13,034
Average Price $139,843 $142,288 $157,066
(Average Price) YTD $139,843 $142,288 $152,796
Median Sales Price $119,900 $115,450 $128,850
Total Value Sold $93,275,411 $102,163,134 $123,139,981
(Total Value Sold) YTD $93,275,411 $102,163,134 $2,015,379,070

More about GTAR

The Greater Tulsa Association of REALTORS® has partnered with its subsidiary corporation, Northeast Oklahoma Real Estate Services, Inc. (NORES) to create a public awareness campaign – “Good Thing You’re in Tulsa” – to educate the people of northeastern Oklahoma about the region’s stable real estate market. The campaign began February 4. The campaign includes four Tulsa Transit bus sponsorships and a television advertising campaign which started on February 17, 2008.

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