Midland housing market continues to fluctuate

MIDLAND – Midland’s housing values continued to fluctuate in August with both median and average home “sold” prices down compared to the previous year, according to data from the Permian Basin Board of Realtors.

Average sold prices fell by 8.1 percent year-over-year, while median home prices declined by 3.1 percent. 

Average prices have declined six months in 2015, while median prices increased in five of the last eight months.

There were 530 homes on the market in August, which is the tenth month straight that housing inventories have been higher year-over-year. 

So far through 2015, the average number of homes on the market is 492, while for the same period in 2014 that average number per month was 296.

August’s homes sold matched May’s 196 and comes after June and July’s record-breaking 228 homes sold, according to the PBBOR figures. For the month of August this 2015 figure is second to August 2011’s 201 homes sold.

The local real estate market, previously described as a seller’s market, is moving more toward a balanced market, defined by the Real Estate Center as six months of inventory, according to previous Reporter-Telegram articles. The Midland market currently has 3.2 months of inventory, according the Real Estate Center.