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Oklahoma home prices slip in fourth quarter as U.S. prices inch up again

Oklahoma is slightly out of step with the rest of the United States, as far as home prices go.
Oklahoman Published: March 1, 2014

Did distressed sales take a little toll on average home prices here in the last quarter of last year?

Looks like.

Something did.

Or maybe Oklahoma is out of step with the rest of the country — as usual.

At least this time, we’re out of step just a little — not at polar opposites.

As U.S. home prices rose 1.2 percent in the fourth quarter, prices in Oklahoma slipped 0.76 percent, according to the Federal Housing Finance Agency.

In Oklahoma City, prices fell 2.44 percent. In Tulsa, prices fell 2.29 percent.

CAVEAT Caveat caveat:

This is a measurement of one category of transaction: conforming, conventional mortgages on single-family properties, purchased or securitized by Fannie Mae or Freddie Mac.

Conforming means the mortgages meet the underwriting guidelines of Fannie Mae and Freddie Mac and do not exceed the conforming loan limit — now $417,000 in Oklahoma.

Conventional means the mortgages are not insured or guaranteed by the Federal Housing Administration, Veterans Administration or other federal agency.

It’s a narrower scope than transactions reported by the Realtors groups. For them, if a home sale involved a Realtor, then it goes into the statistics.

Which means that sales of FSBOs — homes “for sale by owner” — and new homes sold directly by builders — do not go into the Realtors’ numbers.

OK. Now that we’ve reviewed the reality behind that old saw about lies, blankety-blank lies and statistics, here are some more numbers for your bar betting purposes.

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