Midland No. 2 in Texas for home values 2Q 2015Midland No. 2 in Texas for home values 2Q 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=1772015-08-11T13:50:00Z2015-08-11T05:43:00Z

MIDLAND - Midland ranked No. 2 in the Lone Star State for median home prices in second quarter, according to Texas Realtors Quarterly Housing Report, an indication that home values have held steady despite the yearlong downturn in oil prices.

The report estimated that the median cost of a home in the Tall City was $245,000, down 2 percent year-over-year and second only to Austin-Round Rock’s median price of $269,900, which increased by 10.2 percent.

Median home prices for the state overall are listed at $200,000, up 8.1 percent year-over-year.

Figures provided by the Permian Basin Board of Realtors show that the average median home price for second quarter was $242,690, a 2 percent decrease from the previous year’s second quarter median home value average of $247,666.

Median “sold” prices in Midland contracted by 2 percent in the first half 2015.

Average homes on the market for first half 2015 are at 488 per month, a 65 percent increase over first half 2014, when there was an average of 296 homes on the market each month.

The report also stated that the number of days a Midland home is on the market is 82, which is 11 more compared to 2Q 2014. However, months of inventory in Midland sat at 3.2 compared to a year ago, when months of inventory was 3.6.

More than 60 percent of Midland homes are being sold in the $200,000 to $500,000 range, with less than 7 percent priced above $500,000 according to the Texas Realtor’s report.

For the full report with all markets, see the Texas Quarterly Housing Report 2Q 2015 (PDF). For Midland go to page 18 on the PDF.

Midland Reporter-Telegram
http://www.mrt.com/business/eco_indicators/article_e0cb6ad2-3d56-11e5-81d8-3b6109db9143.htmlRead more at {Source}

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