Midland real estate prices rebound during May

MIDLAND – According to the data from the Permian Basin Board of Realtors (PBBOR), real estate prices grew and home sales reached record levels after four months of falling home sales and fluctuating prices.

The PBBOR figures show that for May average sold prices grew by 6.7 percentage point’s year-over-year while median sold prices rose by 4.7 points.

Home sales jumped month-to-month and year-over year to 196 in May, hitting their highest level since last July when 213 homes were sold and climbing nearly 50 percent from April.

Housing inventories remained higher in May, with 424 homes on the market, 44 percent higher than the same time in 2014 when 294 homes were listed for sale.

However, the number of homes on the market in May was the lowest for 2015 and below the average of 498.

Data from the Permian Basin Board of Realtors (PBBOR)

Sold (percent change year-over-year)

• January: 96 (-26.1 percent)

• February: 86 (-34.8 percent)

• March: 140 (-11.9 percent)

• April: 138 (-15.3 percent)

• May: 196 (14.6 percent)