Tulsa...Strong Homes Sales Continue

News release. Ron Sumner, Greater Tulsa Association of Realtors President

Tulsa, Ok. (September 6, 2007) The Greater Tulsa Association of REALTORS (GTAR) statistics for July 2007 are now available. The statistics provided are published monthly by GTAR based on the Northeast Oklahoma Real Estate Services (NORES) multiple listing service data. 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.

According to GTAR President, Ron Sumner, Through July 2007, Tulsa area home sales continued at a pace nearly the same as the record-setting levels of 2006. Both the pending contracts (1,243/1,214; +2.4%) and the closed sales (1,223/1,220; +0.2%) increased over July by 2.2%.

Most significantly, home prices continued to climb. The average sales price ($163,788) in July 2007 was 12.6% higher than the average price ($145,454) in the same month a year earlier. In addition, the median sales price of $139,000 rose 5.7% over the previous month ($131,500/June 2007) and 8.6% over the previous year ($128,000/July 2006). The total volume sold ($200,312,954) was down 9.9% from June 2007, but up 9.3% over July 2006.

Finally, the number of homes coming on the market jumped in July 2007 (2,347) by 11.2% above the previous month (2,110/June 2007) and 7.8% over July 2006 (2,117). However, the year-to-date listings processed through July 2007 (15,269) was almost exactly the same as the first seven months of 2006 (15,279).

The Greater Tulsa Association of REALTORS is a real estate organization whose Northeast Oklahoma members are united to provide services; to promote education, professionalism, an ethical standards in order to assist members in better serving the public and protecting the free enterprise system and private property rights.

For comments, please contact GTAR President Ron Sumner at 918-251-4142 or NORES President John. L. Hausam at 918-492-2000.