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Oklahoma City No. 23 in federal House Price Index

Low unemployment and foreclosure rates, historically low mortgage rates and strong consumer confidence keep home prices strong in the Oklahoma City area as much of the country still struggles with recovery in housing.
by Richard Mize Published: December 1, 2012

Oklahoma City's humming economy and the cheapest mortgage rates to ever hit the books hit the stats in the third quarter, landing the city in spot No. 23 for year-over-year home price appreciation.

Prices perked up 0.84 percent for the quarter and 2.57 percent since the third quarter of last year, according to the Federal Housing Finance Agency's All Transactions House Price Index, which includes purchases and refinancing.

Over the past five years of tightened credit and recession, the index shows prices here up 2.44 percent.

Tulsa prices slipped 0.12 percent for the quarter but ticked up 1.11 percent over the year, which put it at No. 76, the agency reported. Over the past five years, the index shows prices in Tulsa up 1.04 percent.

Beyond that, the third quarter was mostly ... eh.

How nice. Huge swings make for big news stories — and heart attacks.

Nationally, the agency's Purchase Only House Price Index showed a 1.1 percent increase quarter to quarter and a 4 percent increase since the third quarter of 2011.

Stagnant income growth, high unemployment, lots of homes in foreclosure and uncertainty about the economy in general are keeping housing recovery from really taking off, according to the agency, which monitors and uses data from Fannie Mae and Freddie Mac mortgages.

And, oh, hey, there are the answers for why Oklahoma City is outperforming the national average:

Unemployment is still enviable, at 4.9 percent in October, the lowest of any big city in the country. The foreclosure rate is low here compared to most other places. And builders and Realtors say consumer confidence here is zooming, especially with corporate expansions, relocations and general economic growth.

Phoenix was No. 1 year over year, with an increase of 9.53 percent (4.57 percent for the quarter). But it still is in a huge hole: Prices were still down 42.29 percent over five years.

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by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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