OKLAHOMA CITY (AP) A booming real estate market has brought some of the country’s wealthiest residents to the state in search of better pay and perks.
But they also are seeing a big price jump, with the average home price jumping by nearly $200,000, and the average rent going up by almost $2,000.
Oklahoma is the first state in the nation to report such increases.
The Oklahoma Association of Realtors said it reported a jump in sales in January to $2.1 billion, the biggest since the financial crisis, and said the number of sales surged in March.
It said it saw a 10.6 percent jump in median selling prices, which are used to calculate the value of homes.
That jump in homes, along with a 5.9 percent rise in sales prices, was the largest in the country in January and February, according to data compiled by The Associated New York Times.
Real estate experts say that while some of that spike was driven by buyers seeking cheaper homes, others are just looking to get more.
“We are seeing an increase in real estate transactions because we are seeing demand from those buyers who are looking for something a little bit more affordable,” said David Kupfer, president of the Association of Oklahoma Realters.
Kupfer said he expects Oklahoma will see a lot more new home construction in the next two years, a trend he attributes to the Affordable Care Act, which is expected to increase demand for home insurance.
“There’s not going to be a shortage of homes for sale.
There’s going to just be a demand,” he said.
Kipfer said the new home market will continue to be driven by home prices rising at a faster pace than incomes.
The Associated Press contributed to this report.