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Midland home market normalizes Midland home market normalizes https://www.recenter.tamu.edu/news/newstalk-texas/?Item=233032019-10-18T05:00:00Z2019-10-18T13:00:00Z

​MIDLAND – The local housing market began to normalize in September, according to the Permian Basin Board of Realtors (PBBOR).

Last month, 193 homes were sold through the MLS in Midland County, down 20 percent (47 houses) from September 2018. This ended a six-month streak of over 200 homes sold.

Sales volume surpassed $64 million last​ month. 

​"Some have said that we are seeing a softening of the market, but we believe that what we are seeing is a normalization of the market," said Carroll Nall, MLS director and vice president of operations for the PBBOR. "Buyers actually have more choices and are taking more time to make decisions about their purchase."

The number of homes on the market increased for the sixth straight month to 534 homes, 190 more than September 2018.

The median home price held steady at $300,000, just $100 higher than last year​​. The $329,816 average home price is the lowest going back to January and more than $20,000 less than September 2018. 

Homes spent an average of 29 days on the market. ​

texaslogo.pngThe Real Estate Center has more information on housing:​
Midland Reporter-Telegram
Midland
Housing
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