Oklahoma City Home Sales Didn't Stop With the Tax Credit

Oklahoma City home sales have not stopped by the end of the federal tax credit.

When the home buyer tax credit incentive ended on April 30th, for most parts of the country, that meant home sales ended with it, but not in OKLAHOMA! Although real estate sales slowed some, Realtors and Builders are both reporting that the buyer enthusiasm that was sparked is still lingering through the summer. And the numbers show they're right.

In this second quarter of the year, homes have been spending approximately 2 weeks less time on the market. The average days on market in June was 75 days, compared to 86 days in June 2009.

Another sign of strength is the average sales price. The average sales price this second quarter hovered around $138,000. In June of 2009 it was $135,000. This is about a 2.2% increase.

In construction of new homes, OKLAHOMA has been steadily rebounding from 2009 levels all year. So far, we are at a 25.3% increase for building as compared to 2009.

Now, we are seeing an influx in home sales in the higher brackets, between $200,000 - $300,000. This may be due in part to the Sellers that sold to their homes to first time homebuyers making a move up and buying in those ranges.

Aren't you glad you're in Oklahoma!

(Contributing sources from NEWSOK.com)

Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Visit The VIP Team website for everything Real Estate.

Recovery In Process, But Challenges Remain

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According to David H. Stevens, assistant secretary of the U.S. Department of Housing and Urban Development and FHA commissioner, we can credit increased home buyer demand, brought about by the home buyer tax credits, and the federal government’s purchase of mortgage-backed securities for helping to restore consumer confidence and get the economy moving.

“Home prices and sales are beginning to recover, inventories are down, private capital is beginning to re-emerge, investor confidence is coming back, and the job market is showing signs of improvement. These all show renewed confidence in the housing market. We need to finish the job now and make the housing recovery sustainable and keep the economy on the right track,” Stevens said.

Despite the signs of improving stability, Stevens said that the housing market continues to face challenges, mainly from unemployment and home owners with negative equity. “These issues need to be dealt with responsibly, we need solutions to help the most severely distressed home owners—those most in need and at risk—and when we can’t help them we need to make the transition as smooth as possible.”

For more expert Real Estate advice, resources, and tools, visit our no-hassle website at: www.TheVIPofOKC.com