Monday, October 15, 2007

Oklahoma Real Estate Marked by Lower Home Prices

The Real Estate market in Oklahoma City hasn't witnessed the scary price appreciation that has swept coastal areas of the country in recent years, even as soaring energy prices have helped boost job levels in the region. The energy market plays a role in job creation in the area because Oklahoma is one of the largest natural gas-producing states in the country. Median home prices in the metropolitan area, which gained world-wide attention when the Alfred P. Murrah Federal Building was bombed in 1995, rose 14% between 2002 and 2005, compared with a 22% gain nationally. Fourth-quarter median home prices in Oklahoma City reached $121,700, well below the $213,000 national level. Some economists say markets that offer relatively low-priced housing with economies tied to the energy sector, like Oklahoma City, which is home to such Fortune 500 companies as Devon Energy Corp. and Kerr-McGee Corp., could still get a kick if fuel prices remain high.

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