A fourth-quarter collapse nearly erased almost all of 2008’s gain in state home sales prices, but the average still edged up nearly 0.52 percent, Realtors recently stated.
The state’s strong housing market finally took major hits from mid-September forward, as already tight global credit disappeared, leaders painted dire economic consequences unless drastic measures were taken – and spooked home shoppers quit shopping.
Existing home sales ended 2008 down 9.4 percent compared with 2007, the Oklahoma Association of Realtors reported.
The 49,269 houses that sold in 2008 brought an average price of $149,482. That was $767 more than the 2007 average of $148,715, or an increase of 0.516 percent.
The first nine months of 2008 show the effect of the fourth-quarter slide. Through September, the average value was up 3.7 percent compared with the same period in 2007, the Realtors said.
“
Oklahoma
bucked the national trends on home sales and prices for much of 2008, and it’s no small thing that we saw an increase in home values in the face of a national credit crisis and slumping economy,” said Mike Craddock, president of the Oklahoma Association of Realtors. “However, as the national economy continued to falter in the fourth quarter of last year, our markets statewide were impacted as Oklahomans took a wait-and-see approach on home buying.”
Average Price of Existing Home Sold in
Oklahoma
$116,570
$120,568
$125,690
$135,166
$142,850
$148,715
$149,482
2002
2003
2004
2005
2006
2007
2008
Source:
Oklahoma
Association of Realtors
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