Good News in Tough Economic Times
TULSA, OK (March 3, 2009) – Sometimes good news is hard to find in these tough economic times; however Tulsa area real estate values have actually increased. January 2009 average home prices increased 10.6% from January 2008. (January 2008 average price saw a slight decrease from January 2007.) Inventory levels, including the amount of new listings decreased; the available inventory for the month was 7,639 compared to 8,154 in January 2008. This means that fewer homes were available “for sale” throughout the month of January.
With last month’s passage of President Obama’s Recovery Plan, first time home buyers are eligible for a tax credit of up to 10% of the home’s purchase price, up to a maximum of $8,000. GTAR President Harriett Dunham, said “this stimulus could be what several buyers have been waiting for. Since the election of President Obama in November, there has been talk of a new stimulus plan that would include incentives for home buyers; now that the bill has been signed, these buyers are out in the market ready to buy. I believe part of the reason the number of pending listings, as well as, closings declined is due to the anticipation of this bill.”