Average home sale price rises in May in Oklahoma City area

Sales didn't reflect the spring boom Realtors were hoping for, and the jump in average price had to do with the mix of properties that sold, not property values in general. The figures are averages of the prices of the 1,464 houses that actually changed hands in May.
by Richard Mize Published: June 25, 2011
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Houses in the metro area sold a week and a half faster last month on average compared with April, and the average price rose more than 10 percent — and jumped 15 percent year to year.

But sales didn't reflect the spring boom Realtors were hoping for, and the jump in average price had to do with the mix of properties that sold, not property values in general, Realtors said. The figures are averages of the prices of the 1,464 houses that actually changed hands in May — 3.6 percent more than in April — with Realtor assistance.

Home prices here have fallen this year but remain firm compared to most of the nation — and a dream compared to markets hardest hit by the housing crash and its aftermath.

Oklahoma City-area home prices fell 2 percent over the course of the first quarter and were 1.72 percent lower at the end of March than at the end of March 2010, according to the Federal Housing Finance Agency's all-transactions index, which tracks purchases as well as refinanced mortgages. Nationally, prices fell 2.7 percent in the first quarter and 3.1 percent year to year.

So, what explains the hike in average sales prices here in May?

After months of lingering on the market, upscale houses are starting to sell again, said Ryan Hukill, a Realtor with Paradigm AdvantEdge Real Estate.

Hukill said the homes he sells average between $225,000 and $240,000, which means he sells quite a few at $350,000 and above, which has been sluggish. “Fall and winter were dismal. The past two months have started to pop,” he said.

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by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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