Midland housing newsflash: median price jumps, supply upMidland housing newsflash: median price jumps, supply uphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=42762014-05-06T08:03:00Z2014-05-06T00:00:00Z

MIDLAND - The median home price jumped about 19.5 percent during first quarter 2014 compared to 1Q 2013, according to the Quarterly Housing Report published by the Texas Association of Realtors.

Midland’s median home value was $237,300 in 1Q 2014, compared to the statewide median value of $172,900.

The supply of homes in Midland increased to a 2.8-month supply — up from a 2.3-month supply in 1Q 2013. The inventory throughout Texas, however, plummeted in 1Q 2014, dropping to its lowest level in state history — at a 3.4-month supply.

“While housing demand shows no signs of declining, Texas will likely continue to see constrained home sales growth throughout the rest of the year, while home prices will continue to expand at double-digit rates,” said Jim Gaines, an economist with The Real Estate Center at Texas A&M University

Summer 2014 will likely bring one of the most competitive housing markets in state history, according to Dan Hatfield, Texas Association of Realtors chairman.

1Q 2014 Midland Housing Statistics
Units sold 417 431 -3.24%
Median price $237,300 $198,600 19.48%
Average price $272,346 $231,959 17.41%
Months of inventory 2.80 2.30  21.73%

Read more at the Midland Reporter-Telegram.

See the full 1Q 2014 report at the Texas Association of Realtors.

Midland Reporter-Telegram
http://www.mrt.com/business/article_a5437242-d1a6-11e3-b7bf-0019bb2963f4.htmlRead more at {Source}

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