Housing Market Sees Record Boom In July

Monday, August 24th 2020, 6:24 pm
By: William Blanchette

TULSA, Okla. -

The housing market is hot right now across the country, and according to the Home Builders Association of Greater Tulsa, it’s the perfect time to sell your home or buy a new one.

“Anybody that’s in the market or interested in possibly upgrading or buying that new home, there’s been no better time in my lifetime to do that,” Jeffery Smith said.

It’s numbers that Smith at the Home Builders Association of Greater Tulsa said he hasn't seen in more than a decade.

From June to July, new home starts, or new home construction projects, went up 82% in Tulsa. Right now, new home starts are up to almost 30% compared to this time last year.

“The most housing starts we have seen in our market since 12 to 13 years in any given month,” Smith said.

Smith said in July, home sales across the board were great. This includes every price range starting from $150,000 homes all the way up to $1,000,000 homes.

The increase of new homes shows builders are ramping up to try to meet the demand over the next four to six months.

“It just means there’s not a lot of homes available to purchase,” Smith said.

Smith said if the trend continues, he expects to see the number of new homes being built in the Tulsa area to be around 3,200 by the end of the year.