midland-odessa real estateThe reports are in for August and it’s not just the temperatures that are hot, hot, hot in Midland-Odessa. The real estate market is ranking among the top performing in the nation.

Realtor.com listed Midland as the No. 8 market in the country—check out their graph below. 20-Hottest-Markets

They summed up these ten markets:

“This year we are seeing inventory continue to grow in August, and while overall demand is strong, the trend in median days on market is suggesting that the market is finding more of a balance,” concluded [Realtor.com chief economist Jonathan] Smoke. “This bodes well for would-be buyers who have been discouraged by the inability to find a home to buy this spring and summer.”

The recent stock market correction could offer benefits to prospective buyers. “A temporary drop in demand by those negatively affected by stock market instability might be just what strained would-be buyers need to gain the advantage in a market that has given sellers the upper hand so far this year,” said Smoke, adding that postponement by the Fed due to the market correction could extend accessibility of attractively low mortgage rates.

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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!

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Photo: Jeff Caldwell

Is the sun setting on Midland home price growth? Not according to Local Market Monitor’s forecast. (Photo: Jeff Caldwell)

Local Market Monitor‘s forecast for the Midland-Odessa areas show sustained optimism and growth for the next three years, with home prices growing 8 percent in both West Texas cities despite job losses in the area. The report, which covers statistics from Dec. 2014, states that both Midland and Odessa are considered “low risk” markets for investment, with prices expected to increase up to 10 percent year-over-year through 2018, increasing up to 30 percent in Midland and 26 percent in Odessa during that three-year period.

Jump for a more detailed analysis …

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