Midland realtors see a decrease in home purchases

Local News

Why the Oil industry could be a factor

MIDLAND, Texas (BIG 2/ FOX 24)- As the oil industry is starting to normalize so is the housing market.

Broker-owner, Laura Sales, says the housing market is slowing down but perspective is key.

“The market, in general, is just slowing down a bit. In general, we’ve had a little slower economy. We’ve had some people talking about you know the lower price per barrel and those types of things and of course, you know I think that that can affect the real estate market. Due to some economic perhaps uncertainties maybe some fears going on out in the market place but I think that overall we are still in a pretty healthy market it’s just not a crazy market.”

According to Sales, national statistics say having 6 months of inventory is a balanced market and Midland is still under that benchmark at 2.6 months of inventory.

“The advantage to buyers right now in this market is that there is just a little bit more inventory. You don’t have to make a decision so quick you might have a little bit of time to think about it.”

As of right now, the average home is on the market for 57 days giving native Midlanders who want to relocate within the area an advantage.

“Earlier this year if you had to sell your house to buy another house you didn’t want to put your house on the market until you knew you could find a house to buy. This market, a little bit slower, might give some of those people the opportunity to move around because there’s not quite as much competition,” says Sales.

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