Two new reports from the Local Market Monitor say Midland and Odessa can expect a strong housing market for the next few years.

Two new reports from the Local Market Monitor say Midland and Odessa can expect a strong housing market for the next few years.

More good news about the real estate market in Midland and Odessa: two new reports from Local Market Monitor say the housing market in both markets is strong and should stay that way for the next few years.

According to the reports, home values for Midland are forecast to increase by 8 percent over the next 12 months, compared to a national increase of 4.6 percent. In the second and third years, prices are forecast to increase 9 percent each year.

In Odessa, home values are forecast to increase by 7 percent over the next 12 months, and 9 percent each year in the next two years.

Why this positive outlook on the strong housing market? Jobs!

Read the whole story over at MidlandDirt.com!

 

Brad Hunter MetrostudyThe big takeaway from this morning’s homebuilding panel at the National Association of Real Estate Editors spring conference is that land — more specifically, the lack thereof — is responsible for our lagging new home inventory and the dearth of new home starts in the nation. And while the pool of potential homebuyers is relatively large and stable, low inventory is driving prices up, making starter homes out of reach for many first-time homebuyers.

“Housing starts are down because land is not available where builders want to build,” said Metrostudy’s chief economist, Brad Hunter. “Builders are plowing golf courses under and building houses.”

According to Hunter, the new home market is no longer suffering from distressed properties and demand is improving, but tight inventory is a huge problem. According to his figures, the Dallas/Fort Worth region has just less than 3,000 units of available housing inventory, which is approximately seven weeks of supply. Yikes!

(more…)