Outlook for Home Building in the Permian Basin Remains Steady

By Haley Burks
NewsWest 9

MIDLAND - With a souring National economy and a slowdown locally home buying may not be on your to do list, but as NewsWest Nine found out for many West Texans, the opposite may be true.

"The Midland market has always been counter cyclical to the national market, we have been in a fairly large building boom this last year. It has slowed a little bit but while the rest has slowed down we continue to build homes," Developer Richard Dunham, says.

Last summer finding a home was like finding a needle in a haystack, but now is becoming steadier.

"We have a leveling economy in Midland. We don't have an overabundance, but not a shortage." Kay Sutton, President of the Permian Basin Realtor Association, said.

It seems the Permian Basin remains in a bubble compared to many parts of the Nation.

"Historically statistics have shown an opposite trend here in Midland, Texas. The national news media really scares people both buyers and sellers," Sutton said.

While the outlook for the National economy looks half-empty. Some experts say the Permian Basin looks much more like half-full.

"Properties are selling for very close to the asking price and average day on the market is 70 days or less, and that is healthy market,"  Sutton said.