Midland housing inventory halved

​​​​MIDLAND – Local housing inventory during the third quarter was nearly half of what it was a year ago.

The Texas Association of Realtors’ (TAR) latest housing report shows Midland had 2.2 months of inventory, down from 3.9 months during third quarter 2016.

The median price of a home sold in the third quarter rose to $261,750, which was 11.4 percent higher than last year. The report also shows 39.5 percent of all homes sold in Midland were in the $200,000-$299,999 range.

In Odessa, the same trends hold true, according to TAR. There were 3.5 months of inventory during the third quarter, down from 5.3 in 2016. The median price of a home is up 8.4 percent to $178,900. Nearly 50 percent of all homes (49.9 percent) sold were in the $100,000-$199,999 price range.

​​In Midland, active listings fell by 29 percent to 471, while “closed sales” increased by 21 percent at 726 during the quarter.

For more on Midland housing, read the Real Estate Center’s third-quarter 2017 housing report​.