Odessa home prices falling

Odessa home prices falling

ODESSA, TX (KWES) - According to a release from the Texas Association of Realtors on Tuesday, the Odessa housing market is in a bit of a slump. But one local realtor says it's not that bad.

"We are level," said Warren Ivey, Regional VP of the Texas Association of Realtors. "It's not a sellers market. But it's not a buyers market either."

Compared to this time last year, number of homes sold have decreased by just over 15 percent. The price has also decreased by just over 8 percent and the median home price sits at $165,000.

The Texas association of Realtors says it's most likely because of the oil economy, because without oil workers coming into the area, there's less homes to sell.

But Ivey he says it's not the end of the world, especially for a certain type of employee.

"I'd like to also think that now that the prices are lowering compared to last year, now we might have more teachers be able to afford the housing," said Ivey. "So you might see some of our teachers before were only renting properties, it gives them an opportunity now for them to take advantage of our housing market so now they can get into some houses."

Ivey admits the local market is low, compared to the state, but says there's no need to worry, because it was just last year when we were talking about the complete opposite.

He went on to say though Midland/Odessa is more or less holding its own, it's other big cities throughout the state that are helping raise the state wide numbers.

"I think you're going to discover that Houston is in the same," said Ivey. "San Antonio and Dallas Fort Worth areas all the same. So even though our market is level and not contributing to the states growth at this time, the other markets are contributing."

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