Odessa home prices dip 3.5 percent, following oil trendOdessa home prices dip 3.5 percent, following oil trendhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120112016-02-05T06:00:00Z2016-02-05T19:50:00Z

​ODESSA - Odessa home sales fell more than 25 percent in the last three months of 2015, while median home prices dropped just 3.5 percent, according to a new report from the Texas Association of Realtors.

For now, local realtors point to the best market for prospective homebuyers in years, with greater housing inventories and interest rates that remain low, about 4.5 percent.

The lag between the oil price crash and changes in the housing market also leaves a market that remains a sellers’ market.​

The recent report shows Odessa’s housing market is still out of balance with an average 4.5 months of inventory in fourth quarter 2015. 

But that reflects improvement from the 2.1 months of inventory during the same period of 2014.

The fourth quarter drop brought total home sales in Odessa by the end of the year to 1,134—down from the 1,310 sold in 2014.

Meanwhile, rent prices in Odessa and Midland have fallen quickly. 

A one-bedroom in Odessa now averages $830 per month, less than the state average and more than 25 percent less than at this time in 2015, according to a February 2016 by Apartment List. 

A two-bedroom in Odessa averages $1,090.
Odessa American
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