Not Here in Tulsa

Judging from most of the news stories related to home sales, one would assume the real market is “horrible” everywhere, including the Tulsa metropolitan area. Yet, while the residential market is suffering in many parts of the country, this simply is not the case here in our local market.
For example on September 7, 2007 the Tulsa World ran a report on Tulsa area sales with the headline “Home sales down 9 percent from June level”. While the headline was technically true, it totally misrepresented the story. First of all, a drop in home sales from June to July is a common seasonal adjustment. In fact, home sales have fallen from June to July during four of the past five years, including 2007 which was the all time best home sales year in Tulsa area history.
What the article said - but the headline did not represent - was home sales for July 2007 were higher than July 2006 and both the average price (up 12.6%) and the median price (up 8.6%) were up significantly from a year ago. While total home sales for the year are down slightly (-2.2%) from the record pace of 2006, home sales are extremely good!
There are three basic reasons for our good market: (1) We did not have the huge inflationary price increases which were enjoyed in other parts of the U.S. and are not experiencing a “market correction”. (2) We are not having the number of foreclosures other areas are suffering. In fact, in an August 15, 2007 article in the Tulsa World, Tulsa was one of only 18 cities in the U.S. which had realized a decrease in foreclosures during 2007. (3) Our local economy is good with comparatively low unemployment and strength in the energy and agriculture sectors.
So, if you are thinking this is a bad time to buy or sell a home, it may be in some part of the country, but not here. Interest rates have fallen and prices have risen!
For more information contact me at slaunchbaugh@cbtulsa.com