Home value increase in Oklahoma below national rate

Friday, December 31st 2004, 1:25 pm
By: News On 6

OKLAHOMA CITY (AP) Oklahoma housing prices increased nearly 5 percent in a year's time, a figure well below the national rate.

The Office of Federal Housing Enterprise Oversight reports that from the third quarter of 2003 through the third quarter of 2004, housing prices went up 4-point-8-6 percent in the state. Nationally, average home prices increased nearly 13 percent in that period.

The agency reports that Oklahoma homes have increased in value 24 percent over the past five years.

Low interest rates, good demand and rising costs for labor and material are driving the increase.

Final year-end statistics weren't available, but builders in the Oklahoma City metro area were poised to finish 2004 near 2003 levels or a little higher.