Charting fluctuations in crude oil prices together with changes in home prices reveals some interesting behavior in these two essential commodities since 2000. The curious line dance these two have tracked over the past 15 years was made clear recently in a report from RealtyTrac.
After a general, gentle rise for the first six and a half years, home prices began to decline in mid-2006, just as the price of oil, after suffering a quick drop, enjoyed a sharp rise through 2007 and then a staggering drop through second half of 2008. Oil has had a jagged upswing since January 2009, before dropping to its recent lows beginning in the middle of last year, while home values, had a more measured dip during the same period, and have been generally rebounding since early 2011.
The monthly oil price figures used are averages reported by West Texas Intermediate Index, as supplied by the Federal Reserve Bank of St. Louis. The median home sales are collected through RealtyTrac’s own internal database.
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