ODESSA, Texas —
Summer has always been a big season for moving, especially for families since the school season is out.
Now that the house prices are going down across the state, are those cuts being felt in Midland-Odessa?
“I mean, I know that in the bigger markets, yes, the prices are beginning to decrease a little bit, but here in Midland-Odessa we're still going strong. Those prices are pretty much still steady," said Neyva Bustamante, broker at NB Real Estate Company. "Because there's so much demand, there's so many people coming in into our area, then those prices are just staying steady.”
Bustamante said the prices in the Midland-Odessa area are on average lower than they would be in bigger cities in Texas.
However, a lack of inventory can also be a reason for not much change in the prices.
“Well, it's kind of based on supply and demand and so properties go up whenever there's a lack of inventory. And so since we have a lack of inventory in our area homes, you know tend to go up," said Connie Coots, CEO of the Odessa Board of Realtors "They haven't went up that much, just you know, about 6% which is very little.”
Even if prices are still steady, Coots said there is a bright side to all this.
“It's still a great time to buy, and so the market is great, and the interest rates have came down. The inventory, just we don't have a lot on the inventory,” said Coots.
Coots said if there was more inventory, then prices would start to fluctuate and go down. Choosing whether to wait on buying depends on the buyers’ current situation and what they feel is best for them.