NORMAN — Despite some tough numbers on the employment side of the equation, the second quarter of 2010 was good for homeowners. Realtors report home sales up 9.6 percent over the same period in 2009. The number of homes sold in the second quarter is nearly identical to the second quarter of 2008.
Realtors also report a rise in values. The average price of a home sold in the second quarter increased 1.1 percent. Additionally, the median price of a home sold in the second quarter increased 5.7 percent over the second quarter of 2009.
Tax credits, which have now expired, drove some of the sales but much of the credit should go to historically low interest rates. Buyers who couldn’t afford homes two years ago can now qualify under better rates.
Homes are on the market about the same number of days. The Oklahoma Association of Realtors reports the average number of days on the market has dropped one day to 114 in comparison to 115 in 2009. Local Realtors tell us homes in the lower and medium price ranges are selling well but it’s the upper end homes that take longer and sellers are having to adjust prices more often.
Oklahoma had traditionally been a state that feels the impact of a national economic trend later and is one of the last to come out of it. The home sales numbers give us hope better days are ahead.
