Three notes, first you should always let your tap water sit out for several hours (overnight) so that any dissolved gases in your tap can leave, and you get a reading of what the long-term pH of your tap is. Dissolved carbon dioxide is the usual suspect here, and having extra CO2 in your tap water (which is not uncommon) will artificially depress your pH at the moment it comes out of the tap.
Secondly, pH is dependent upon temperature, in a lot of ways exactly what was in the first note. Warmed liquids dissolve less gas in them, less CO2 dissolved in the water leads to a higher pH.
Thirdly, what you really need to know in this case is a measure of your KH, which stands for carbonate hardness. This will let you know how much buffering capabiity your water has. If you don't know buffering is the ability of your water to keep the same pH. It is also called akalinity (or acidity). Since your water went down so much just from adding a piece of wood, I would suspect that you have a pretty low KH. This means that your pH may fluctuate quickly, which is really unhealthy for your fish -- it is stressful to have to keep adjusting to changing pHs. If you don't have a KH test, but a GH (general hardness) test, thay would be ok, though its information is more indirect that a KH test. If you don't have either and don't want to buy them, please take a water sample to your LFS, most will test it for free for you.
Finally, this was said above, but I'd like to reinforce it, that is that your fish will adjust to what you or your favorite book/website may call "sup-optimal" pH for your fish. However, if you keep the pH steady at almost any value between 5 and 8.5, most fish will live perfectly happy live. Steady is the key word here. There are a few sensitive species, discus are the first example that come to mind, this is where lots and lots of research before you buy comes in.
To wit, my water is hard and alkaline, with a pH between 8.2 and 8.4. I have kept and bred tiger barbs, lemon tetras, and bronze corys. I have also kept blue gouramis, scissortail rasboras, mollies, siamese algae eaters, and peppered corys without any health problems at all. With the exception of the mollies, a pH of 8.2 was outside the range of all these fishs' range in multiple books and websites, but they all seemed pretty satisfied to me. Especially if they are mating, they must be reasonably happy.
So, once again, keeping a constant pH is far, far, far more important that keeping an exact pH.