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Home sales increase, prices fall - Odessa American: Business

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Home sales increase, prices fall

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Posted: Friday, May 20, 2016 4:54 pm

Odessa home sales increased modestly in April while prices continued to fall, reflecting a more balanced market, a report released Friday by the Odessa Board of Realtors found.

April home sales increased 2 percent from the same month of 2015 to 115 homes sold. Median home prices fell by 3 percent to $165,000 from the same period.

Meanwhile, the board reported Odessa’s monthly housing inventory climbed to 5.1 months of inventory in April, 2.3 months more than the same month of last year. The Real Estate Center at Texas A&M University considers 6.5 months of inventory a balanced market.

Homes spent an average 58 days on the market in April, a week longer than April 2015. In the same time frame, active listings increased 63 percent to 473.

“Although we are seeing a slight down turn in the housing market, indicators continue to point to a more balanced market,” Tommie McClane, president of the Odessa Board of Realtors, said in a news release.

In the first quarter, home prices dropped to 2.4 percent from the previous year to a median price of $166,000, the Texas Association of Realtors reported in April. Sales during that time frame fell 3.6 percent to 217 single-family home sales. And the monthly housing inventory was 4.1 months, creeping closer toward a balanced market.

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