Local housing market is down, official says not to worry

Local housing market is down, official says not to worry

MIDLAND, TX (KWES) - The Texas Quarterly Housing Report shows that the state is experiencing gains in home sales and prices. But in the Permian Basin, that's not the case.

The Midland median home price is down 3.5 percent from last year. Although there are more active listings now than there were a year ago, the number of closed sales is down 4.2 percent. This means houses are staying on the market, and not selling. and those same numbers are down for Odessa.

Texas Association of Realtors Regional Vice President Warren Ivey said it's no coincidence this is happening at the same time the oil industry is trending downward.

"You bet," said Ivey. "Because our employee base is based mainly in the oil industry, when the price of oil goes down, people get laid off. There's not as many buyers ready to buy a house at that point and therefore, prices of the homes come down."

The active listings is up more than 73 percent and the housing inventory is sitting at 5.3 percent. However, Ivey said it's not something to worry about because it's not a huge slide in the market, especially compared to where the rest of the state sits.

"The median sales price in Midland for a home is $237,000 and we are down from last year," said Ivey. "The state of Texas, across the state, the median sales price is lower than that and they're up. So that goes to tell you, in the past couple of years, we've had great sales prices on our homes."

Ivey said that if you're looking to sell, you won't get as much as last year, but that shouldn't stop you from testing the market.

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