Oklahoma's housing market 'recession proof'

Sunday, July 27th 2008, 11:14 pm
By: News 9

By Jacqueline Sit, NEWS 9

OKLAHOMA CITY -- It's been a bumpy road in the U.S. housing market but housing experts said Oklahoma has proven to be "recession proof."

First time home buyer Michael Hill said it's a good time to buy.

"We bought a four bedroom, with a study that we're going to turn into a game room," Hill said.

Even with rising food and fuel prices, the market is turning more towards a buyer's market.

This is why Hill jumped at the chance to own a home, despite concerns about the amount of national foreclosures and financial woes for some of the nation's biggest mortgage companies.

Hill believes that Oklahoma City is doing great.

The President of the Oklahoma City Association of Realtors said home values have gone up about three percent over the first six months of this year, but sales are decreasing.

"Our numbers are down, and down about 16 percent in the first six months of this year, so I think there's fewer sales," Maroyln Pryor, OKC Realtors Association President, said.

Decreased sales aren't stopping homeowner Greg Melton from buying a place.

"It seems that the prices in Oklahoma haven't been as inflated as other places you hear about on the news," Melton said.

Housing experts said Melton's right and many houses listed on the market are already sold.

"We do have a lot more to our economy in terms of oil. All the big companies that are here tend to keep our economy up and moving," Community Manager Brodie Tucker said.

Experts said home values are stable in Oklahoma and they don't expect to see drastic changes anytime soon.