Midland's housing supply swings toward more expensive homesMidland's housing supply swings toward more expensive homeshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=17072015-02-18T14:15:00Z2015-02-18T00:00:00Z

MIDLAND - Last year showed ever-rising home values for Midland, growing by nearly 10 percent. The increases were driven by the burgeoning oil industry, strong demand for homes and a lack of supply as Midland continued to struggle with its rapid growth.

Median home prices finished 2014 averaging $246,483, 9.1 percent higher than 2013 and representing a strong growth trend, according to figures compiled by the Reporter-Telegram from the Real Estate Center at Texas A&M.

Average home prices grew by an even larger margin in 2014, jumping 11.7 percent to end at $285,842, compared with $255,867 in 2013.

Average home prices in Midland grew by 48.5 percent between 2009 and 2014, while median prices have increased by 44.6 percent.

At the same time, housing supply has made a dramatic switch in eight years. In 2006, 65.4 percent of homes sold in Midland were worth less than $159,000, while houses valued at more than $200,000 made up 21.6 percent of the market.

In 2014, the numbers for homes under $159,000 had plummeted to 16.6 percent of housing stock, while homes worth more than $200,000 had increased to 67.8 percent of the market.

Breaking down the numbers further, homes sold for $300,000 or more went from 6.7 percent in 2006 to 34.6 percent in 2014.

Homes above $400,000 increased from 1.5 to 16.3 percent between 2006 and 2014, while homes worth $500,000 or more went from 0.9 percent to 7.7 percent of the market.

Midland Reporter-Telegram
http://www.mrt.com/business/article_4bebcb9e-b3e2-11e4-88a6-8bf945bc4b1e.htmlRead more at {Source}

 Search NewsTalk Texas