No, not some kind of upside-down earthquake. A teeny change in home prices in the
Prices dropped 1.9 percent in the second quarter of the year, according to the
Do not be alarmed.
That's one particular index tracking certain properties -- those bought with conventional mortgages sold to or backed by
But a slight drop seems to fit the housing slowdown across the country last spring, and it seems to fit, or at least it doesn't grossly violate, the story here: This year is not last year, not in sales or construction.
For sales, it's a case of a slowdown in the rate of growth, which, like figuring percent change, can cause headaches. In a nutshell, sales -- those handled by Realtors -- still increased here, but not as much as last year.
Through July, sales were up 2.58 percent compared with the first seven months of last year, and up 12.07 percent compared with the same period in 2012. That includes pre-owned homes as well as new homes bought from builders using a Realtor.
Supply is being steadily absorbed. The inventory of homes available through Realtors dropped to 4.2 months by
Inventory is lowest for houses priced
Home construction is off of last year's post-recession pace, down 8.9 percent at the end of July compared to the same period last year across
Back to prices: The median price of all homes sold by Realtors here at the end of July was
It's at odds with the
The federal home price index is better, I think, for gauging trends where most of us live, in houses with mortgages backed by the government-sponsored enterprises
(c)2014 The Oklahoman
Visit The Oklahoman at www.newsok.com
Distributed by MCT Information Services