Four of the six neighboring states bested Oklahoma in home price appreciation from the first quarter of 2013 to the first quarter of this year, according to the Federal Housing Finance Agency.
It sort of makes sense.
Colorado, up 9.34 percent: Denver and the Front Range took a big hit in the housing crash but have been in recovery.
Texas, up 8.19 percent: Texas, even the big cities, dodged the worst of the crash just like Oklahoma did, and now housing is rising on booming business and fast-growing population.
Kansas, up 6.59 percent: The Kansas City metro area dealt with a burst bubble and has been in recovery. Missouri, up 4.6 percent: St. Louis, same deal.
Oklahoma’s increase of 3.26 percent is in line with every other state statistic of housing the past decade: not too hot, not too cold.
We missed the bust, for the most part — although residential land development in the metro area did come to a standstill — so we had less to make up.
New Mexico, up 1.55 percent, and Arkansas, up 0.89 percent, brought up the rear in the region.
Nationally, prices increased 6.6 percent.
And there, dear readers, are the most interesting tidbits from the Federal Housing Finance Agency’s quarterly House Price Index, which tracks purchases only, not refinancings.
In general, Oklahoma City housing trended with the nation, judging from the FHFA’s assessment.
“Although the first quarter saw relatively weak real estate transaction activity — in part due to seasonal factors — home prices continued to push higher in the first quarter,” said FHFA principal economist Andrew Leventis.
“Modest inventories of homes available for sale likely played a significant role in driving the price increase, which was similar in appreciation in the preceding quarter,” he said.
Here, transactions were weakened somewhat “due to seasonal factors” by an extra wintry winter.
“Modest” inventories came in the form of still-reduced listings after the selling boom of a year ago or so and before — and because the stop in land development dried up the supply of buildable lots, tamping down home construction this year, when it would zoom if it could.
Whatever the reasons, it was odd to type that sentence up there, the pertinent part presented here again for the sheer novelty of it: “In general, Oklahoma City housing trended with the nation ....”
When was the last time that happened? Too weird.