Midland housing shortage may last awhileMidland housing shortage may last awhilehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=74692013-05-07T08:45:00Z2013-05-06T00:00:00Z

MIDLAND - Members of Midland's housing community believe it will be between 18 months to three years before the housing supply will catch up with demand.

There is a flood of combined housing units in the works — hotel rooms, apartment units and housing lots — reaching into the 5,000 range, according to the City of Midland.

In September 2012, City Manager Courtney Sharp said Midland was about 5,000 units short. In first quarter 2013, the city issued 283 housing permits.

Developers are working with the city to catch up with the demand that has workers living in hotel rooms and man camps.

People in the Midland housing industry, such as Mark Payne, a local home builder and developer of Mark Payne Homes, said the 5,000-unit shortage is a reasonable estimate that will go away in about two to three years.

The average price of a home is now at $271,000, a $30,000 increase from September 2012 and an increase of nearly $80,000 from May 2010, according to Bobby McCourt, president of the Permian Basin Board of Realtors.

National developer D. R. Horton is currently working on a 398-unit subdivision west of the Scharbauer Sports Complex.

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