According to the Federal Housing Finance Agency, the value of the average home in the Tulsa area rose 1.91% last year during the period ending December 31st 2009. This ranks Tulsa Oklahoma as number 3 in the nation.

Thanks to a steady economy and no bubble in the real estate market here, the market value has continued to rise while other markets have fallen. Although the rise in values is less than previous years, this is a very good sign for both buyers and sellers in the Tulsa real estate market. Read the rest of this entry »

Home sales in Tulsa continued to climb during the month of October. Sales were higher than the same month in 2009.

1,105 residential homes were sold in October which is 4% higher than the number of sales in September and 14% higher than the number of sales in Ocober of 2008.

According to Harriet Dunham of GTAR, the sales increase may have been due to the deadline of the first time home buyers tax credit which ends the 30th of November.

Since then, President Barack Obama and Congress extended the $8,000 tax credit for first-time buyers to April 30. The move also added a tax credit of $6,500 for current home owners.

According to the GTAR report, both the average sales price of $145,922 and the median of $125,000 were down from the month and the year before.

Dunham said she expects sales values to rise as current home owners take advantage of their new tax credit.

Local inventories of homes on the market decreased to a five-month supply from 5.4 months in September and 8.8 in October 2008.

Pending contracts, which measure real estate deals in the process of closing, were also significantly higher for the month and year.